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August sales of single-family homes in Houston totaled 4,180, down 16.7 percent from August 2009, but an improvement from the 25.1 percent drop in July 2010. This marks the second monthly decline in sales volume after four consecutive months of accelerated sales activity. Broken out by segment, August sales of homes priced from $80,000 and below slid 2.0 percent; homes priced between $80,000 and $150,000 fell 20.8 percent; those in the $150,000 to $250,000 dropped 25.5 percent; homes priced between $250,000 and $500,000 declined 14.9 percent; sales of luxury homes—those priced from $500,000 to the millions—tumbled 31.5 percent. On a year-to-date basis, however, single-family home sales are unchanged from 2009 levels.

The average price of single-family homes in August was $216,522, up 2.2 percent compared to one year earlier. That’s the second highest level recorded for an August in Houston. At $159,000, the median sales price for single-family homes slid 0.6 percent versus August 2009, but managed to reach its second highest level for 2010. The national single-family median price reported by NAR is $183,400, 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 August 2010, existing home sales totaled 3,467, an 18.3 percent decline from August 2009. The average sales price edged up 1.8 percent to $204,414 compared to last year while the median sales price of $148,000 declined 3.3 percent from its August 2009 level.

The number of townhouses and condominiums that sold in August fell 13.4 percent compared to one year earlier. In the greater Houston area, 389 units were sold last month versus 449 properties in August 2009.

The average price was relatively flat at $153,613 from August 2009 to August 2010. The median price of a townhouse/condominium was also relatively flat at $121,750.

Demand for single-family home rentals rose 17.5 percent in August compared to one year earlier. Year-over-year townhouse/condominium rentals increased 19.9 percent.

Property sales in July slow as expected, as the brisk and early buying spree triggered by the homebuyer tax credit comes to an end HOUSTON – (August 17, 2010) – An anticipated property sales slowdown set into the Houston real estate market in July following the expiration of the federal homebuyer tax credit. The credit had propelled local home sales for four straight months beginning in March, however home sales suffered a double-digit decline in July. Despite the drop, the average price of a single-family home still managed to climb to a two-year high. According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), July sales of single-family homes throughout the Houston market fell 25.1 percent compared to July 2009. Sales volume faltered in all single-family home pricing segments except among properties under $80,000, which were flat. Sales of all property types combined slid 24.4 percent in July on a year-over-year basis. The average price of a single-family home rose 2.7 percent from July 2009 to $224,764, the highest price since June 2008. The July single-family home median price—the figure at which half of the homes sold for more and half sold for less—dipped 0.7 percent from one year earlier to $160,880, but still recorded its highest level since July 2009. Foreclosure property sales reported in the Multiple Listing Service (MLS) tumbled 13.5 percent in July compared to one year earlier. The median price of July foreclosure sales declined 6.1 percent to $84,000 on a year-over-year basis. Sales of all property types in Houston for July totaled 5,056, down 24.4 percent compared to July 2009. Total dollar volume for properties sold during the month was $1.0 billion versus $1.4 billion one year earlier, representing a 23.9 percent drop. “Homebuying came earlier and at a heftier pace than we would normally have seen in Houston during the spring and summer months because of the tax credit, but indicators showed that sales would decline once the credit expired, so this comes as no surprise,” said Margie Dorrance, HAR chair and principal at Keller Williams Realty Metropolitan. “It is encouraging that pricing has remained strong and that on a year-to-date basis home sales are actually slightly ahead of 2009 levels.” July Monthly Market Comparison The month of July brought Houston’s overall housing market largely negative results when all listing categories are compared to July of 2009. Total property sales and total dollar volume fell on a year-over-year basis while the average single-family home sales price rose to a two-year high and the median price dipped. The number of available properties, or active listings, at the end of July rose 18.6 percent from July 2009 to 55,247. That represents 1,313 more active listings than one month earlier, in June 2010, and reflects additional housing inventory that is remaining on the market as a result of reduced consumer interest following the expiration of the homebuyer tax credit. Month-end pending sales for July totaled 3,267, down 16.4 percent from last year, suggesting that sales will be down again in August. The months inventory of single-family homes for June extended to 7.7 months compared to 6.5 months one year earlier, but remains healthier than the national months inventory of single-family homes of 8.9 months, reported by the National Association of REALTORSâ (NAR). CATEGORIES JULY 2009 JULY 2010 PERCENT CHANGE Total property sales 6,686 5,056 -24.4% Total dollar volume $1,417,533,971 $1,078,840,190 -23.9% Total active listings 46,598 55,247 18.6% Total pending sales 3,909 3,267 -16.4% Single-family home sales 5,735 4,297 -25.1% Single-family average sales price $218,943 $224,764 2.7% Single-family median sales price $162,000 $160,880 -0.7% Months inventory* 6.5 7.7 19.0% * 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 July sales of single-family homes in Houston totaled 4,297, down 25.1 percent from July 2009. This concludes four consecutive months of accelerated sales activity. Broken out by segment, July sales of homes priced from $80,000 and below were flat; homes priced between $80,000 and $150,000 fell 29.2 percent; those in the $150,000 to $250,000 dropped 35.0 percent; homes priced between $250,000 and $500,000 declined 19.8 percent; sales of luxury homes—those priced from $500,000 to the millions—tumbled 22.7 percent. On a year-to-date basis, however, single-family home sales are up 2.7 percent over 2009 levels. The average price of single-family homes in July was $224,764, up 2.7 percent compared to one year earlier. That is the highest pricing level since June 2008. At $160,880, the median sales price for single-family homes slid 0.7 percent versus July 2009. That is the highest price since July 2009. The national single-family median price reported by NAR is $184,200, 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 July 2010, existing home sales totaled 3,626, a 24.6 percent decline from July 2009. The average sales price edged up 1.4 percent to $207,644 compared to last year while the median sales price of $150,000 declined 3.2 percent from its July 2009 level. Townhouse/Condominium Update The number of townhouses and condominiums that sold in July fell 31.5 percent compared to one year earlier. In the greater Houston area, 370 units were sold last month versus 540 properties in July 2009. The average price dropped 8.6 percent to $153,907 from July 2009 to July 2010. The median price of a townhouse/condominium retreated 10.5 percent year-over-year to $119,000. Lease Property Update Demand for single-family home rentals rose 15.0 percent in July compared to one year earlier. Year-over-year townhouse/condominium rentals jumped 35.6 percent. Houston Real Estate Milestones in July At $224,764, the average price of a single-family home reached the highest level since June 2008; At $160,880, the median price of a single-family home reached the highest level since July 2009; 7.7 months inventory of single-family homes compares favorably to the national average of 8.9 months. The computerized Multiple Listing Service of the Houston Association of Realtors® includes residential properties and new homes listed by 25,000 Realtors® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com. The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants. The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.) 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 individual membership trade association in Houston and the second largest local association/board of Realtors® in the United States.

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 1 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!

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