Yes, Houston is hot and I don't mean the temperature. The Houston Real Estate Market is muy claiente! Prices are up, inventory down and to top it all off, Forbes Magazine just recently voted Houston "The Coolest City" in America. Wow! Let's take a look at what's happening...
Houston has something that other major US cities do not have - jobs. We saw a 2.6% increase in job growth last year, and nearly 50,000 people moved to the area. Houston has an unemployment rate of 7%. The national unemployment rate is 8.3%. Houston's entertainment options, recreational opportunities, as well as the city's cultural composition has helped shape our city, making it a great place to live, work, and play.
With an increase in the job market and more people calling Houston home, they need a place to live. Our local housing market has seen an increase in home sales for 14 consecutive months. Single family home sales in July 2012 were up 27% over July 2011. The increase in home sales was seen in every segment from lower priced homes to luxury homes.
The average and median sales price of single family homes were also up in July. The average sales price increased 3.7% compared to July 2011 to $231,484, making July the third highest price of all time. The median price rose 6.3% to $170,000. Current inventory has dropped to 5.3 months compared to 7.6 months in July 2011. That's a 16.3% decrease in inventory!
I'm hoping Houston will continue it's hot real estate market and remain one of the coolest places to live. It's a double whammy!
