Home Prices in Houston Sets Record in July!
The median home price in the Houston area set an all-time record high in July 2008 while at the same time slow sales, which fell for the eleventh month in a row, tempered this good news.
Prices increased by 3.5% to a median price of $161,370 while sales of single family homes fell by 12 % according to Houston Association of Realtors ( HAR) monthly report.
One contributing factor towards the price increase is sales at the upper ends continue to be very strong. July 2008 found Realtors selling 9.4 % more homes priced at $500,000 or more than they did last year. Home buyers in this price range are not facing credit issues. Sales of entry level homes took another pounding this month as credit issues are really affecting this market. Sales of in the $80,000 to $150,000 price range fell by 21.8% as compared to July of 2007. Median prices of homes in this price point also fell about 1%.
Across the entire area, Realtors sold 6,008 homes in July 2008 or 12 % lower than last year at this time.
Similar to most of the rest of the country, the Houston housing market has been affected by tighter mortgage credit, higher consumer prices for necessary items and general economic concerns plus a media negative comment feeding frenzy has created a situation where many may potential home buyers are very hesitant to get into the home market and are waiting on the sidelines.
An important point to make is that the housing market in Houston during year 2008 is not as robust as the last two years but those two years were the highest years in the history of real estate in the Houston area.
As a Realtor who specializes in helping buyer's I believe this is an excellent time to be buying Real Estate in Katy, Richmond, Sugarland and other areas of Houston. There is an excellent supply of available homes and there are mortgage lenders still out there ready and willing to lend buyers the necessary funds.
Does anyone have any comments?