Posted by on Jul 25, 2013 in General | 0 comments

Update on the Houston real estate market

Well, I know this isn’t news to alot of local investors in our area, but in case you haven’t been noticed lately, the Houston area real estate market is 100% a SELLER’S (err, Flippers!) market with very little quality inventory available. The results are an increase in prices and lots of buyers who would love to buy a home.

http://www.har.com/mls/dispPressRelease.cfm?MONTH=07&YEAR=13

Excerpt:
HOUSTON — (July 16, 2013) — In a report that is beginning to sound like a broken record, Houston home sales were up for another month in June, with demand sending prices to all-time highs. June was the 25th consecutive month that sales held to positive territory, but for the first time since February, the supply of available homes leveled off.

Home sales jumped 13.4 percent year-over-year, with contracts closing on 7,220 single-family homes, according to the latest monthly report prepared by the Houston Association of REALTORS® (HAR). That is the second highest one-month sales volume of the year and the third highest one-month volume of all time. Housing inventory remained unchanged from the 3.3-month supply recorded in May, however it is down from 5.5 months of supply in June 2012 and 3.6 months of supply at the beginning of 2013.



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