Home Sales Continue Summer Surge into Fall

by Houston Agent

Houston home sales are resisting any kind of cooling period with another double-digit gain in September.

The cooling temperatures had not the slightest effect on home sales in Houston, as sales increased for the fourth straight month and the fifth overall month in 2011.

Year-over-year, sales were up 16.9 percent, and prices rose 0.4 percent to $213,334, the highest level ever for a September in Houston. In addition, the single-family home median price, which is middle point for home sales, also reached a September high, rising 1.6 percent to $157,500.

“The combination of increased closed and pending sales, fewer active listings and strong pricing suggests that we are entering the fall home buying season on strong footing,” said Carlos P. Bujosa, the chairman of the Houston Association of Realtors (HAR). “HAR’s September report shows rebalanced supply and demand throughout the Houston housing market with diminishing traces of the distortions caused by last year’s federal home buyer tax credit.”

Houston home sales, particularly the last couple months, have been on a tear, with sales increasing by 17 percent in July and an incredible 30 percent in August.

Even foreclosure sales showed positive signs for September. Foreclosures comprised 19.4 percent of sales (down from 22 percent in May), and were up by 2.4 percent year-over-year, an indication that foreclosed properties may be finally working their way back to the market.

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