Like the Energizer Bunny Houston Home Sales And Prices Keep Marching Upward

The "fuel" powering this long upward trend in residential real estate is job growth and historically low interest rates, pure and simple. And the future suggests more of the same.

Houston, United States - December 14, 2019 /PressCable/ —

“We are eleven months into 2019 and I have no doubt Houston will be setting new residential real estate records for the year,” stated Raymond Campbell of Houston Home Buyers, a home buyer company in Houston. “The Houston Association of Realtors recently reported a 4.1 percent increase in residential sales volume as compared to 2018, which was a record year itself. And the median price for a Houston home is now $240,900, a 2.5 percent increase for 2019. This is a new historical high for the median price. I expect the final numbers for the year to be very close or the same as the final numbers at the end of November,” he said.

The company’s website, Houston-Home-Buyers.com is a cash home buying company in Houston that contracts homes that are often resold to house investors. These home investors make the needed repairs and upgrades to either sell the houses on the open market or to rent out to tenants. The investors assume all of the real estate market risk and make all of the necessary repairs.

Houston’s residential inventory of homes for sale is currently 3.8 months, a number that has changed little in the past few months. The inventory is likely to fall in December because historically fewer homes are listed for sale during the holiday season. The national housing inventory is currently 3.9 months.

The Texas Workforce Commission has stated that the Houston metro area added more than 80,000 jobs in the past twelve months. It remains to be seen if this rate of job growth can continue but Houston’s favorable business climate is a magnet for companies and workers.

A low interest rate is a key factor in the strength of the local housing market. The most recent 30 year fixed mortgage figure released by Freddie Mac was 3.68 percent. That is more than a full percentage point lower than this time last year. At that time the figure was 4.75 percent. A one percent interest rate difference results in a lower monthly payment of $104 for a median priced house with a ten percent down payment.

Overall sales figures for house buyers in Houston are up 4.1 percent from a year ago. The latest 5 months of 2019 have seen steady upticks in the sales of single family homes. The largest increase in sales volume occurred in the $250,000 – $499,000 segment with a 12.1 percent increase. The $100,000 – $149,000 segment declined with a 6.1 percent decrease. The luxury home market, $750,000 and above, also registered a decline in sales volume to the tune of 9.1 percent.

“For home buyers in Houston I think there is excellent value at these prices because the demand is so strong,” explained Mr. Campbell, “and if you omit the low-priced and luxury-priced segments the mid-market segments look even stronger. My advice is to buy if you are going to live in the house for at least five years. If you are going to live here less than five years it probably a better financial decision to rent.”

Contact Info:
Name: Raymond Campbell
Email: Send Email
Organization: Houston Home Buyers
Address: 9526 Highmeadow, Houston, TX 77063, United States
Phone: +1-281-231-2703
Website: https://www.Houston-Home-Buyers.com

Source: PressCable

Release ID: 88939285

More News From Daily Tech Geek

Climate activist: Why tout development if there's no future?

Jan 27, 2020

NEW DELHI — An Indian girl who was among the 16 young activists filing a complaint at the United Nations accusing countries of inaction on climate change has taken that step before. Ridhima Pandey, now 11, filed a petition in 2017 at India's National Green Tribunal, which oversees environmental concerns, for not taking serious enough steps to combat climate change. It was dismissed, but she escalated it to the Indian Supreme Court. Pandey was among the activists including Swedish teen Greta Thunberg who criticized Germany, France, Brazil, Argentina and Turkey for failing to uphold their obligations to young people under...

Pakistan battles dengue epidemic, with 20 deaths so far

Jan 27, 2020

ISLAMABAD — Pakistani health officials were battling an outbreak of dengue fever in the South Asian nation on Tuesday, a day after health officials confirmed over 10,000 cases and 20 deaths in recent months. More patients with symptoms of dengue fever were arriving at hospitals in all major cities, including the capital Islamabad, putting a strain on the country's poor health system. Health officials hope that the anti-mosquito spraying in urban areas targeting stagnant water will help contain the disease. According to Zafar Mirza, a government adviser on health, as many as 10,013 dengue cases had so far been reported....

Over 30 Indian worshippers drown during Hindu rituals

Jan 27, 2020

NEW DELHI — More than 30 Hindu worshippers have drowned in swollen rivers and in a lake in India as thousands participated in religious ceremonies in which figures of a Hindu god are immersed in water, officials and news reports said Friday. At least 11 people drowned when their boat capsized early Friday on a lake in central India, rescuers said. Six people were able to swim ashore in the lake in Bhopal, the capital of Madhya Pradesh state, and a search was on for one missing person, said National Disaster Response Force spokesman Krishan Kumar. Kumar said 11 bodies...

India loses communication with its unmanned moon lander

Jan 27, 2020

NEW DELHI — India's space agency said it lost touch Saturday with its Vikram lunar lander as it aimed to land on the south pole of the moon and deploy a rover to search for signs of water. The space agency was analyzing data as it worked to determine what had happened. "Communications from lander to ground station was lost," said K Sivan, chairman of the Indian Space Research Organisation. "The data is being analysed." A successful landing would have made India just the fourth country to land a vessel on the lunar surface, and only the third nation to...

Protest in Nepal against plan to cut trees to widen road

Jan 27, 2020

KATHMANDU, Nepal — More than 200 people rallied in Nepal's capital Thursday to protest government plans to cut down about 2,000 trees to widen a key road that circles the city. The protesters held signs urging the government to stop the plan to remove the trees on the outer edge of Kathmandu. The 27-kilometer (17-mile) Ring Road encircles the capital and is a key road network for the increasingly congested city. "These trees were controlling pollution and giving fresh air so they cannot be cut down to make roads," said Saurav Dhakal, a protester. "Kathmandu is suffering from massive air...

About Us

Daily Tech Geek delivers Technology news only covering the multiple fields in the industry.

Contact us: sales[at]dailytechgeek.com

Subscribe Now!