Has the Houston real estate market hit rock bottom? It depends on who you ask, as opinions on this subject seem to vary, according to an article published in the Houston Business Journal on Friday.
According to the article, the Houston Association of Realtors (HAR) says that Houston’s median sales price for single-family homes rose for a fifth consecutive month in October. According to HAR, the median sales price is $156,200, which is up 2 percent from the same period in 2008. In the HBJ article, HAR chair Vicki Fullerton remarks that, the data may indicate that Houston area’s recovery has begun.
At John Daugherty, Realtors, we are certainly seeing an increase in sales. In fact, in October we were fifty-two percent over our goal for sales and pending sales. This achievement was the largest increase ever in one month as well the third best October for our company since the turn of the century. We are also headed to higher than expected sales for the month of November. As such, indications are favorable that we may in fact have hit the bottom in the Houston Real Estate market.
So, to what do we attribute this spike in sale? As reported numerous times in my various blog posts this year, people are moving to Houston at a higher rate than the national average. Whether it is due to a corporate based relocation to Houston, or because individuals seeking greater opportunities are choosing to move to Houston on their own, the fact remains that Houston is a very sought after city when it comes to relocation.
I would expect that as we approach 2010, that Houston will continue to draw people to our city in increased numbers.
How has your city faired compared to Houston relocation? Are your numbers up or down? Please let me know what you have seen in your areas of the country and to what you attribute your increases or decreases in terms of people relocating.
As for whether or not we have hit the bottom, in the Houston real estate market or elsewhere, I would be interested in hearing how you weigh in. Let me hear from you.
