Houston Home Sales Rise For 12th Straight Month

June 20, 2012

in Markets

Houston Home Sales Rise For 12th Straight Month

Houston-area home sales in May rose to their highest level since the summer of 2008, leaving housing inventory at a five-year low, the Houston Association of Realtors reported. Real estate agents sold 6,185 single-family homes last month, an increase of 23.8 percent over May 2011. With a big uptick in sales of properties priced from $250,000 and up, the median price for single-family home hit a record high, rising 7.1 percent over last year to $168,000. Lower priced foreclosures made up 17.8 percent of all property sales, a share that has steadily declined each month since January when distressed sales hit 27.8 percent. Job creation and low interest rates are driving the buying frenzy, according to Wayne Stroman, the association’s chairman. “We’re also hearing accounts of sellers receiving the asking price for their homes, and in some cases getting even more,” he said. [Read this article]

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