Houston Heights Homes Sales Compared to Houston Metro
Houston Home Sales Stay in Basement is lead of Chronicle story on Nov 16, 2010: Houston-area home sales plunged last month compared with a year earlier when a federal homebuyer tax credit helped boost activity in the housing market.
October marked the fourth straight month of double-digit declines in single-family property sales.
This time, they tumbled 23.3 percent to 3,739 homes, according to the latest monthly data released Tuesday from the Houston Association of Realtors.
The single-family home median price — the figure at which half of the homes sold for more and half sold for less – edged up 0.7 percent from one year earlier to $150,000. Last month, the median price was $155,000……
I am mainly a Houston Heights & Inner Loop Realtor, so Heights home sales is what I track and pay attention to. Here is a chart I keep for myself showing monthly sales of Houston Heights Homes (Single Family). I show sales looking better than last year for the beginning of the year. The homebuyer’s tax credit undoubtedly helped this. Then they fell off drastically.
What I find at my Sunday open houses is that people are still wanting to move to the Heights; they can still get loans (at least people with real jobs can get loans…self-employed people are a different story); but, they can’t buy until their home in the suburbs sells.
The good news? House prices are holding firm or edging up in the Heights.
The one area that has been hurt is new home construction. New home sales represent about 10-11% of sales the last few months; compared to 17% a year ago, and 20% the previous year. Builders have an extremely difficult time getting loans. Even if they want to build, they can’t. This in turn has killed land sales. The old adage of cash-is-king is definitely true if you are buying inner loop land.
I quit predicting when things might turn around. I’m just glad I live and work in Houston. I’m really glad that I live and sell homes in the Heights.
If you happen to be looking for a home, this link takes you to the HAR.com MLS Search MLS Search Area 9 will give you homes in the Heights, Garden Oaks, oak Forest and other Near North areas. Finding heights homes specifically is more complicated. There are too many subdivison names to do a complete searc. Do a map search, or just contact me.