Here
you will find some recent news about Houston’s Real Estate market and some of
our opinions below each link
Buying a house in Texas has never been more expensive: Average price reaches 230 grand
With Texas' housing inventory at an all-time low, home prices have skyrocketed statewide.
According to the Texas Quarterly Housing Report, the statewide median price for a single-family home reached $177,100 during the third quarter of this year, up 10 percent from last year. Sales during the most recent quarter were up 19 percent from last year.
Additionally, the statewide average price increased by 11 percent from the same quarter last year, coming to $230,474. In terms of the Houston area, the median price for a single-family home was $185,000 for the quarter, a 12-percent increase from the same period last year.
“In the fall, Texas Realtors usually start to catch their breath as the summer selling season draws to a close, but not this year."
According to the report, 80,105 single-family homes were sold in Texas in the third quarter of 2013, which is 19 percent more than the same quarter last year and, for the second quarter in a row, it marks the highest volume of homes sold in Texas since the Texas Association of Realtors began issuing the report in 2009.
In Houston alone, home sales were up 20 percent. This volume, while about the same as in the second quarter, indicates that activity was elevated during the typically slower fall season.
“In the fall, Texas Realtors usually start to catch their breath as the summer selling season draws to a close, but not this year,” Houston realtor Shad Bogany, chairman of the Texas Association of Realtors, told Business Wire. “Demand for Texas homes remains strong, keeping buyers and sellers in the market, and Texas Realtors, busy.”
Additionally, housing inventory has fallen to historic lows in both the Houston area and statewide.
“To have only four months of inventory in a market as large as Texas is remarkable,” economist Jim Gaines told the Chronicle. “Of the 47 markets included in the report, 10 have less than three months of inventory and that includes several large markets, such as Austin and Dallas.”
The Texas Quarterly Housing Report is issued four times per year by the Texas Association of Realtors with multiple listing service data compiled and analyzed by the Real Estate Center at Texas A&M University.
http://houston.culturemap.com/news/real-estate/11-06-13-buying-a-house-in-texas-has-never-been-more-expensive-average-price-reaches-230-grand/
This can just be one more reason for you to remodel your current home or to have one custom built for you. Contact us and count on MWW RENOVATIONS expertise!
With Texas' housing inventory at an all-time low, home prices have skyrocketed statewide.
According to the Texas Quarterly Housing Report, the statewide median price for a single-family home reached $177,100 during the third quarter of this year, up 10 percent from last year. Sales during the most recent quarter were up 19 percent from last year.
Additionally, the statewide average price increased by 11 percent from the same quarter last year, coming to $230,474. In terms of the Houston area, the median price for a single-family home was $185,000 for the quarter, a 12-percent increase from the same period last year.
“In the fall, Texas Realtors usually start to catch their breath as the summer selling season draws to a close, but not this year."
According to the report, 80,105 single-family homes were sold in Texas in the third quarter of 2013, which is 19 percent more than the same quarter last year and, for the second quarter in a row, it marks the highest volume of homes sold in Texas since the Texas Association of Realtors began issuing the report in 2009.
In Houston alone, home sales were up 20 percent. This volume, while about the same as in the second quarter, indicates that activity was elevated during the typically slower fall season.
“In the fall, Texas Realtors usually start to catch their breath as the summer selling season draws to a close, but not this year,” Houston realtor Shad Bogany, chairman of the Texas Association of Realtors, told Business Wire. “Demand for Texas homes remains strong, keeping buyers and sellers in the market, and Texas Realtors, busy.”
Additionally, housing inventory has fallen to historic lows in both the Houston area and statewide.
“To have only four months of inventory in a market as large as Texas is remarkable,” economist Jim Gaines told the Chronicle. “Of the 47 markets included in the report, 10 have less than three months of inventory and that includes several large markets, such as Austin and Dallas.”
The Texas Quarterly Housing Report is issued four times per year by the Texas Association of Realtors with multiple listing service data compiled and analyzed by the Real Estate Center at Texas A&M University.
http://houston.culturemap.com/news/real-estate/11-06-13-buying-a-house-in-texas-has-never-been-more-expensive-average-price-reaches-230-grand/
This can just be one more reason for you to remodel your current home or to have one custom built for you. Contact us and count on MWW RENOVATIONS expertise!
Job growth, foreign investors firing up Houston’s real estate market
Continued job growth and increased interest from foreign investors has made Houston one of the hottest real estate markets to watch, according to local industry experts.
The Urban Land Institute ranked Houston the No. 2 market to watch in its “Emerging Trends in Real Estate 2014” report. That’s up from No. 5 in 2013.
Houston came in behind San Francisco on the overall list, but took the top spot for investment real estate. Houston is the No. 2 market for home-building prospects and No. 3 for development.
“Houston continues to outperform other markets in job growth,” said Robert Williamson, senior managing director at the Houston office of commercial real estate firm HFF. “We have a very well-rounded market with trading in the port, the energy sector and the manufacturing sector. All of these are driving construction.”
While other job markets contribute to Houston’s success, the energy sector still leads the way.
“If you are going to be a major player in the energy industry, you have to have a presence in Houston,” said Ken Page, managing director at Transwestern. “That is understood all over the world.”
The fact that Houston has so many domestic and foreign investors is an important contributor to the active commercial market. Last year, an Association of Foreign Investors in Real Estate survey ranked Houston No. 4 out of all U.S. cities for its real estate investment dollars and fifth among all global cities.
Over the last three years, most foreign investors have been from the Middle East and Asia, with a large influx from Korea, Williamson said.
After the recession hit Texas hard in the 1980s, investors were hesitant to enter the Houston market, said Page.
“But now they are seeing Houston’s success is longer lasting,” Page said.
And when the commercial market is hot, residential is quick to follow. Not surprisingly, Houston saw its highest ranking from the ULI report in the apartment sector, ranking No. 1 on that list. Houston has seen a boom in apartment construction plans, the past few weeks, especially in the luxury arena.
Approximately 60,000 new apartment units will be built in the next five years, reports the Greater Houston Partnership, as the multifamily market tries to accommodate an influx of new residents to the area. In 2013, condo sales were big, and we can expect more of the same. Houston sold the most condos among the four major metro areas, and experienced the second-highest jump in sales with a 25 percent increase between January and September. During that period, 5,067 condos were sold in Houston, according to a report released by the Texas Association of Realtors.
Multifamily occupancy for Class A apartments is currently at 86. 2 percent, according to CBRE Group Inc.
The city's highest score was in the industrial sector, but Miami beat it out for the No. 1 spot. The vacancy rate for industrial property was 5.3 percent for the fourth quarter of 2013 and 1.8 million square feet of net absorption, and 7.8 million square feet under construction, according to CBRE.
Houston issued building permits totaling $5.9 billion in the 12 months ended in October. That’s up 28.9 percent over last year for the same time frame, according to The GHP.
In the investment arena, ULI survey respondents overwhelming ranked Houston a “buy” in all five property types: office, industrial, retail, apartments and hotel.
Jenny Aldridge covers real estate and construction for the Houston Business Journal.
Source: http://www.bizjournals.com/houston/news/2014/01/16/job-growth-and-foreign-investors-keys.html?page=all
Continued job growth and increased interest from foreign investors has made Houston one of the hottest real estate markets to watch, according to local industry experts.
The Urban Land Institute ranked Houston the No. 2 market to watch in its “Emerging Trends in Real Estate 2014” report. That’s up from No. 5 in 2013.
Houston came in behind San Francisco on the overall list, but took the top spot for investment real estate. Houston is the No. 2 market for home-building prospects and No. 3 for development.
“Houston continues to outperform other markets in job growth,” said Robert Williamson, senior managing director at the Houston office of commercial real estate firm HFF. “We have a very well-rounded market with trading in the port, the energy sector and the manufacturing sector. All of these are driving construction.”
While other job markets contribute to Houston’s success, the energy sector still leads the way.
“If you are going to be a major player in the energy industry, you have to have a presence in Houston,” said Ken Page, managing director at Transwestern. “That is understood all over the world.”
The fact that Houston has so many domestic and foreign investors is an important contributor to the active commercial market. Last year, an Association of Foreign Investors in Real Estate survey ranked Houston No. 4 out of all U.S. cities for its real estate investment dollars and fifth among all global cities.
Over the last three years, most foreign investors have been from the Middle East and Asia, with a large influx from Korea, Williamson said.
After the recession hit Texas hard in the 1980s, investors were hesitant to enter the Houston market, said Page.
“But now they are seeing Houston’s success is longer lasting,” Page said.
And when the commercial market is hot, residential is quick to follow. Not surprisingly, Houston saw its highest ranking from the ULI report in the apartment sector, ranking No. 1 on that list. Houston has seen a boom in apartment construction plans, the past few weeks, especially in the luxury arena.
Approximately 60,000 new apartment units will be built in the next five years, reports the Greater Houston Partnership, as the multifamily market tries to accommodate an influx of new residents to the area. In 2013, condo sales were big, and we can expect more of the same. Houston sold the most condos among the four major metro areas, and experienced the second-highest jump in sales with a 25 percent increase between January and September. During that period, 5,067 condos were sold in Houston, according to a report released by the Texas Association of Realtors.
Multifamily occupancy for Class A apartments is currently at 86. 2 percent, according to CBRE Group Inc.
The city's highest score was in the industrial sector, but Miami beat it out for the No. 1 spot. The vacancy rate for industrial property was 5.3 percent for the fourth quarter of 2013 and 1.8 million square feet of net absorption, and 7.8 million square feet under construction, according to CBRE.
Houston issued building permits totaling $5.9 billion in the 12 months ended in October. That’s up 28.9 percent over last year for the same time frame, according to The GHP.
In the investment arena, ULI survey respondents overwhelming ranked Houston a “buy” in all five property types: office, industrial, retail, apartments and hotel.
Jenny Aldridge covers real estate and construction for the Houston Business Journal.
Source: http://www.bizjournals.com/houston/news/2014/01/16/job-growth-and-foreign-investors-keys.html?page=all
Home sales hit a five-year high as Houston's real estate miracle becomes national news
August was the best month for Houston home sales in five years as low mortgage rates and a strong local economy combined to ignite the real estate market.
The inventory of homes for sale dwindled to its lowest level in 10 years as consumers picked off good deals financed with super-low mortgage rates, according to the Houston Association of Realtors, which has been keeping market statistics for decades.
"Houston is unique and it’s now national news that Houston is doing well.”
The Realtors association reported 6,600 single-family homes were sold in August, the highest monthly sales total since 7,058 homes were sold in August 2007. Houston’s recovery has been unwavering with 15 consecutive months of sales gains.
“It’s a groundswell of momentum that’s been building for some time,” said Robin Mueck, president and CEO of Heritage Texas Properties.
Pent-up demand to buy homes has been uncoiling as consumers have gained confidence in the Houston economy as national media, including the Wall Street Journal and Forbes have noted Houston’s surge, Mueck said. Houston economy has been one of the leaders in creating new jobs and energy companies are expanding here, creating even more demand.
Houston home buyers are believers in the rebound now, although the dark blights on the national economy — high national unemployment, weak stock market and the downgrade of the credit rating of the United States due to its debt — prevented them from moving ahead previously.
“You’ve had people riding the fence for a real long time. Even with the low mortgage rates, they didn’t buy a home because of the national picture,” Mueck said. “People in Houston, Texas now recognize where we are going.
"Houston is unique and it’s now national news that Houston is doing well.”
The median price of a single-family home sold in August was $165,000, a 3.8 percent increase over August of last year.
The 6,600 homes sold in August represented a 20-percent gain over the 5,500 sold in August of last year, the Realtors association said.
The inventory of homes for sale dipped to 40,504 listings, down 17 percent from the 48,752 homes listed for sale last August. At the current sales pace, it would take 4.9 months to sell off the existing inventory of homes for sale — the lowest inventory since April of 2002.
The median price of a single-family home sold in August was $165,000, a 3.8 percent increase over August of last year.
Home sales trend downward in the fall and the market slows significantly at the end of the year. Pending sales recorded already with the Realtor association indicate that September and possibly October will continue to be healthy, although not on a par with the August surge.
“August rounds out an extremely prosperous summer for the Houston real estate market,” said Wayne Stroman, HAR chairman and CEO of Stroman Realty.
Source: http://houston.culturemap.com/news/real-estate/09-18-12-home-sales-hit-a-five-year-high-as-houstons-real-estate-miracle-becomes-national-news/
August was the best month for Houston home sales in five years as low mortgage rates and a strong local economy combined to ignite the real estate market.
The inventory of homes for sale dwindled to its lowest level in 10 years as consumers picked off good deals financed with super-low mortgage rates, according to the Houston Association of Realtors, which has been keeping market statistics for decades.
"Houston is unique and it’s now national news that Houston is doing well.”
The Realtors association reported 6,600 single-family homes were sold in August, the highest monthly sales total since 7,058 homes were sold in August 2007. Houston’s recovery has been unwavering with 15 consecutive months of sales gains.
“It’s a groundswell of momentum that’s been building for some time,” said Robin Mueck, president and CEO of Heritage Texas Properties.
Pent-up demand to buy homes has been uncoiling as consumers have gained confidence in the Houston economy as national media, including the Wall Street Journal and Forbes have noted Houston’s surge, Mueck said. Houston economy has been one of the leaders in creating new jobs and energy companies are expanding here, creating even more demand.
Houston home buyers are believers in the rebound now, although the dark blights on the national economy — high national unemployment, weak stock market and the downgrade of the credit rating of the United States due to its debt — prevented them from moving ahead previously.
“You’ve had people riding the fence for a real long time. Even with the low mortgage rates, they didn’t buy a home because of the national picture,” Mueck said. “People in Houston, Texas now recognize where we are going.
"Houston is unique and it’s now national news that Houston is doing well.”
The median price of a single-family home sold in August was $165,000, a 3.8 percent increase over August of last year.
The 6,600 homes sold in August represented a 20-percent gain over the 5,500 sold in August of last year, the Realtors association said.
The inventory of homes for sale dipped to 40,504 listings, down 17 percent from the 48,752 homes listed for sale last August. At the current sales pace, it would take 4.9 months to sell off the existing inventory of homes for sale — the lowest inventory since April of 2002.
The median price of a single-family home sold in August was $165,000, a 3.8 percent increase over August of last year.
Home sales trend downward in the fall and the market slows significantly at the end of the year. Pending sales recorded already with the Realtor association indicate that September and possibly October will continue to be healthy, although not on a par with the August surge.
“August rounds out an extremely prosperous summer for the Houston real estate market,” said Wayne Stroman, HAR chairman and CEO of Stroman Realty.
Source: http://houston.culturemap.com/news/real-estate/09-18-12-home-sales-hit-a-five-year-high-as-houstons-real-estate-miracle-becomes-national-news/
