Houston Real Estate Market Might Be the Hottest in the Country, As Home Prices Rise to All-Time Highs
Houston Association of Realtors -- "Houston home shoppers went on a buying spree in May, sending sales
volume and pricing through the roof and accounting for the 12th
consecutive month of positive sales. Average and median prices broke
records while volume of sales reached the highest level since June 2008.
Local housing inventory is now at its lowest level in more than five
years.
May sales of single-family homes soared 23.8 percent versus one
year earlier. That marks the biggest monthly increase since last
August.
MP: With home prices at historical highs and sales volume at the highest level in four years, I think we can conclude that the Houston real estate market has made a full recovery from the real estate crash, mortgage meltdown and financial crisis.
Update: Pittsburgh is not doing too badly either, with homes sales up 18.1% and the total sales volume up 23.3% compared to the same month in 2011.
7 Comments:
The Houston housing market is getting its boost from the Eagle Ford shale play and in Pittsburgh, in the midst of the Marcellus play, the presence of mineral rights can affect sales but housing sales volume remains down despite sales price increases - so realtors will not admit that shale is helping.
Wow, 5.5 months of inventory. Getting pretty tight there.
I find it doubtful that the housing market is getting a huge boost from the Eagle Ford shale play.
Most of the rigs for the Eagle Ford Shale is on the other side of the state and not Houston. The Eagle Ford shale plays are by San Antonio and Mexico.
What do you expect to happen to all of these housing markets when interest rates inevitably rise?
What do you expect to happen to all of these housing markets when interest rates inevitably rise?
Or when FHA 3% down loans stop after the election?
san francisco proper is at all time highs as well.
this fact gets muddied by the fact that it gets reported as the SF metro area which includes the 2 disaster areas of oakland and freemont which have zero to do with what actually goes on in sf where prices were always too high for freddy and fannie or fha loans. supply there is excruciatingly tight and prices are at all time highs.
real estate is local and people seek to move where the jobs are. sf is booming, just like houston (though housing is likely 3-4X the price in the city proper).
Eagle Ford shale boost?
That would be one hell of a commute.
Don't think so
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