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For mor info click here or call:

Sally @ 832-969-9067

HAR   HOUSTON — (July 20, 2010) — Closings of properties purchased through the federal homebuyer tax credit combined with the seasonal spring-summer uptick in consumer activity kept Houston-area single-family home sales in positive territory for a fourth straight month in June. However, expiration of the homebuyer tax credit slowed the brisk pace of sales volume that the market enjoyed in recent months.

Congress extended the time necessary to close on homes purchased with the tax credit by three months to September 30, provided the property was under contract by April 30. The May and June decline in pending sales—property listings that are expected to close within the next 30 to 60 days—was expected, as homebuyers rushed to take advantage of the tax credit and is considered an indicator that sales volume will slow in July.

According to the latest monthly data compiled by the Houston Association of Realtors® (HAR), June sales of single-family homes throughout the Houston market rose 2.9 percent compared to June 2009. That follows increases of 11.3 percent in March, 27.8 percent in April and 18.2 percent in May. Sales volume showed gains in all single-family home pricing segments except the $150,000 to $250,000 market. The largest increase took place among homes priced from $500,000 and above. Sales of all property types combined climbed 4.1 percent in June on a year-over-year basis.

The average price of a single-family home edged up 0.9 percent from June 2009 to $222,767, the highest price since July 2008. The June single-family home median price—the figure at which half of the homes sold for more and half sold for less—dipped 2.9 percent from one year earlier to $159,700, but still reached the highest level since August 2009.

Foreclosure property sales reported in the Multiple Listing Service (MLS) rose 9.3 percent in June compared to one year earlier. The median price of June foreclosure sales increased 2.4 percent to $88,000 on a year-over-year basis.

Sales of all property types in Houston for June totaled 6,593, up 4.1 percent compared to June 2009. Total dollar volume for properties sold during the month was $1.4 billion versus $1.3 billion one year earlier, representing a 4.9 percent increase.

“The Houston real estate market has benefited all that it can from the homebuyer tax credit and now comes the return of sales trends that are more typical for this time of year,” said Margie Dorrance, HAR chair and principal at Keller Williams Realty Metropolitan. “Heavy sales activity in the high end of the housing market boosted the average price in June, but growing inventory, an increase in months inventory and a slowdown in listings under contract point to a more flattened market in the coming months.”

June Monthly Market Comparison
The month of June brought Houston’s overall housing market largely positive results when all listing categories are compared to June of 2009. Total property sales and total dollar volume increased on a year-over-year basis while the average single-family home sales price ticked up and the median price declined.

The number of available properties, or active listings, at the end of June rose 17.3 percent from June 2009 to 53,934. That represents 2,749 more active listings than one month earlier, in June 2010, and reflects additional housing inventory that began hitting the market as a result of interest in the homebuyer tax credit as well as general confidence in improved market conditions.

Month-end pending sales for June totaled 3,272, down 16.0 percent from last year. This is a likely indicator that the effects of the tax credit have worn off. The months inventory of single-family homes for June extended to 7.3 months compared to 6.4 months one year earlier, but remains healthier than the national months inventory of single-family homes of 8.3 months, reported by the National Association of REALTORS® (NAR).  

CATEGORIES	JUNE 2009	JUNE 2010	PERCENT CHANGE
Total property sales	6,332	6,593	4.1%
Total dollar volume	$1,347,610,333	$1,413,393,916	4.9%
Total active listings	45,989	53,934	17.3%
Total pending sales	3,896	3,272	-16.0%
Single-family home sales	5,425	5,584	2.9%
Single-family average sales price	$220,802	$222,767	0.9%
Single-family median sales price	$164,500	$159,700	-2.9%
Months inventory*	6.4	7.3	14.5%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.   Single-Family Homes Update

June sales of single-family homes in Houston totaled 5,584, up 2.9 percent from June 2009. This marks the fourth consecutive month of accelerated sales activity. Broken out by segment, June sales of homes priced from $80,000 and below increased 7.1 percent; homes priced between $80,000 and $150,000 rose 9.6 percent; those in the $150,000 to $250,000 fell 8.0 percent—representing the only decline in sales volume; and homes priced between $250,000 and $500,000 edged up 1.3 percent. Sales of luxury homes—those priced from $500,000 to the millions—reflected the greatest gains, increasing 20.3 percent.

The average price of single-family homes in June was $222,767, up 0.9 percent compared to one year earlier. That is the highest pricing level since July 2008. At $159,700, the median sales price for single-family homes slid 2.9 percent versus June 2009. That is the highest price since August 2009. The national single-family median price reported by NAR is $179,400, illustrating the continued higher value and lower cost of living that consumers enjoy in the Houston market.

HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In June 2010, existing home sales totaled 4,753, a 2.8 percent increase from June 2009. The average sales price edged up 1.5 percent to $209,510 compared to last year while the median sales price of $148,000 declined 4.5 percent from its June 2009 level.

Townhouse/Condominium Update
The number of townhouses and condominiums that sold in June rose 4.6 percent compared to one year earlier. In the greater Houston area, 527 units were sold last month versus 504 properties in June 2009.

The average price tumbled 5.0 percent to $161,809 from June 2009 to June 2010. The median price of a townhouse/condominium fell 4.7 percent year-over-year to $137,000.

Lease Property Update
Demand for single-family home rentals rose 21.0 percent in June compared to one year earlier. Year-over-year townhouse/condominium rentals increased 22.7 percent.

Houston Real Estate Milestones in June

Founded in 1918, the Houston Association of Realtors® (HAR) is a 25,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest local association/board of Realtors® in the United States as well as the largest individual membership trade association in Houston.
]]> http://houston.habitationrealty.com/items/686/feed 0 http://houston.habitationrealty.com/items/675 http://houston.habitationrealty.com/items/675#comments Thu, 15 Jul 2010 17:38:26 +0000 chris http://houston.habitationrealty.com/?p=675 Habitation Realty will be sponsoring  White Linen Night in the Heights o August 7th 7-10pm!!

www.whitelinennightheights.com

*Enjoy wine and refeshments from Whole Foods while you listen to DJ seduction spinning LIVE 7-10 Indoor/outdoor event

 Then just a few weeks out our new ultra cool maps will hit the streets – and this year the maps will be HUGE – The map will highlight all the entertainment locations, shuttle routes and uh, ahem … refreshment stations.

Want even more White Linen Night in the Heights action? Follow us on Twitter & Facebook!

Now – visit the contact page and sign up for our mailing list!

This lovely home in the historic Avondale District is a true find. It features unique wood floors, original tile bathrooms, an enormous walk-up attic that can be easily converted into a 3rd floor, and a basement. Yes, a basement. Fireplaces both on the 1st and 2nd floor add ambiance and reduce your energy costs simultaneously. Come see this gorgeous home. It won’t last long! Sold as-is.

For more info Click here or call Sally @832.969.9069

Though a tiny portion of the U.S. market, foreign buyers are purchasing homes here, according to a new report from the National Association of Realtors.

People who live in another country invested $41 billion in residential property in the U.S., representing 4% of the $907 billion overall market in the 12 months ending March 2010, according to the report, based on a survey of Realtors.

If you add in people who are recent immigrants or temporary visa holders, the total rises to $66 billion, or 7% of the residential market, according to the report. Read the full NAR report on Realtor.org.

The survey found foreigners buying property in 39 states, but a bit more than half were in four states: Arizona, California, Florida and Texas.

The buyers came from 53 countries, but the largest number was from Canada, at 23%. Mexico sent 10% of purchasers; the United Kingdom, 9%; China (including Hong Kong), 8%; Germany combined with France, 7%; and India, 5%, according to the NAR survey.

Not all foreign buyers get what they came for: 34% of potential buyers couldn’t complete the transaction because of financing problems. In some cases, banks were reluctant to lend to people who don’t have Social Security numbers.

Of those who did buy a home, 55% paid cash. In contrast, 92% of U.S. buyers financed their home with a mortgage in 2009.

The money being spent represents a tiny portion of the overall market, but nonetheless helps to put a dent in the nation’s excess supply of housing, according to economist Thomas Lawler. MarketWatch has an audio report you can hear about the survey.

And don’t miss Lew Sichelman’s Realty Q&A to find out why some condo owners are finding it impossible to sell to buyers who need FHA loans, thanks to some new government rules.

– Andrea Coombes, Personal Finance editor

Foreign buyers invade America’s home front

Give me your tired, your poor … and a real estate deal. Foreign buyers are ramping up home purchases in the U.S. What states are benefiting? Is this good for America’s battered real estate market? How long will this trend last? Housing guru Thomas Lawler sizes up the landscape on this special weekend edition of MarketWatch News Break.
Listen to radio report on foreign buyers invade America’s home front.

Selling a condo? Better hope it’s on the ‘approved’ list

Question: I own an apartment in a condominium development that I am trying to sell. I have a potential buyer who wants to use an FHA loan because of its low down-payment requirements, but he says my project is not on FHA’s “approved” list.
See Realty Q&A.

Mortgage rates hit new record lows

The 30-year fixed-rate mortgage has hit a record low, ticking down to an average 4.57% in week ended July 8, compared with 4.58% in the prior week, Freddie Mac reported.
See Mortgages.

The top three resume keywords for mortgage pros

The demand for mortgage-loan officers and document specialists is on the rise as banks staff up to restructure troubled mortgages and work with refinancing applicants.
See story on mortgage pros.

IMF praises Asia’s efforts in heading off housing bubble

Concerns of overheated real estate markets in Asia are diminishing, though regional authorities need to be on guard against destabilizing developments, the International Monetary Fund said Wednesday.
See story on IMF praises Asia’s efforts in heading off housing bubble.

Wells Fargo to cut 3,800 jobs, shut subprime lending unit

Wells Fargo Co. said late Wednesday it will cut 3,800 jobs and the banking giant will close a business unit that specialized in subprime and other loans issued through its consumer finance stores.
See story on Wells Fargo to cut 3,800 jobs, shut subprime lending unit.

Habitation Realty Real estate for sale in Houston, TX

Five 4-Story Stucco 90% complete townhomes(one freestanding). This Gated Community offers high end features and fixtures, sprinkler system, hardwoods, granite counters, yard space, and a roof top terrace for private sunbathing and a spectacular view of the downtown skyline. Finish this project and make a HUGE profit. Great opportunity to get in an area that is rapidly changing. City has invested millions, call for details

For more info CLICK HERE or

Call Chris  at 713-392-4047