November Housing Market Sizzles
by: Laurie Johnson, December 18, 2012 3:12:00 pm
November's sales are atypical for this time of year, when the market is usually slow.
Shad Bogany is a Houston-area realtor and chairman of the Texas Association of Realtors. He says the combination of low interest rates and an improving economy is boosting home sales.
"So we are seeing just a blistering market with the good economy, people moving to Houston. And I think it's causing the market to just really do extremely well in a time where normally we're slow. Seasonally, business is slow in the month of October, November, December and it picks up. But with the way the numbers are looking we're going to have a fantastic year in 2013."
The Houston Association of Realtors released the numbers, showing housing inventory is down to 4.1 months, meaning if every one of those homes sold, in the next four months there wouldn't be any houses left on the market. That's the lowest inventory level in 12 years.
Bogany says single-family home prices rose 10 percent over this time last year, with the average price at $228,000.
"I think it's a great time for someone to be able to purchase a home, because Houston has always been sort of affordable and has been more affordable than most of the country. But what makes it a good time is the low interest rates. When you've got rates the lowest ever out there, it allows the homeowner to be able to purchase more house for less money."
The only area where the housing market didn't grow was in the low end market for homes priced at $80,000 and below.