Houston Assn Reports Data from May Sales
I don’t know how we are doing it, but the average home price keeps rising while sales of single-family homes have fallen again for another month. The average price for a single family home in the Houston area has risen to $214,732. That’s up one percent over the same period last year. Now once again that is in contradiction of the total unit and volume dollar sales over a year ago. The May figures show a 15% decline in total single-family home sales and a 15% decline in the dollar volume from total sales price of single-family homes vs May of 2007. I believe that this was the 9th month in a row of declines, but the totals have improved, because this was the highest number of closed sales since August.
Apparently, the lack of easy financing of zero down mortgages along with tougher requirements to obtain a loan continues to slow down sales. However, people have to have a place to live and that has shown up in the increase of people renting homes instead of buying. The amount of single-family homes being rented is on the rise. Good news for investors.
Filed under: Buying, Home Sales, Investing, Selling by Dwight's Real Estate Update