A new study by Zillow shows $1 would buy Houston homeowners 1.40 square inches — a decrease of 1.95 square inches from 2008. Compared to other markets, Houston ranks as one of the more affordable cities in the nation. In July, the national median home price reached $218,000 while Houston’s median home price is around $179,400. Memphis is at the bottom of the list with a median home price of approximately $83,000. San Francisco and San Jose top out the list with median home prices at $1.36 million and $1.11 million respectively.
In other Houston real estate news:
- The Howard Hughes Corporation broke ground on a new luxury apartment complex in The Woodlands. Two Lakes Edge is the second complex in Hughes Landing, the 66-acre development that includes One Lakes Edge, which is almost completely leased. Two Lakes Edge will be an eight-story development with 386 units along with space for retail and restaurants on the ground floor.
- The Texas Association of Realtors Young Professionals Network named the recipients of its Texas Realtors to Watch Award. According to TAR, the recipients have demonstrated excellence in leadership, community involvement and sales in 2018. See the award recipients here.
- Tarantino Properties purchased the 280-unit apartment complex Acension on the Bayou, which is located in the Energy Corridor. Completed in 2017, the multifamily unit is a mid-rise building with one- and two-bedroom units and has a LEED Silver certification.
- Ashton Woods and Chesmar Homes have joined the Dellrose community in northwest Houston. Ashton Woods is offering 10 floor plans ranging from 1,596 to 2,896 square feet priced in the $220,000s. Chesmar will have 40 40-foot homesites in the neighborhood and will begin building later this year.
- The last five properties of a nine-property community owned by an international partnership between GAIA Real Estate and Israel’s Menora Mivtachim Insurance and Grand China Fund have finally been sold. According to CoStar, the properties include The Veranda at Centerfield, Club at Copperleaf, Lighthouse at Willowbrook, Villas at Coronado and Enclave at Mary’s Creek in Pearland. The other four properties have been slowly sold over the past three years.