Houston Housing Market Fares Well During Mortgage Turbulence
With far-reaching reports of mortgage providers across the country preparing for bankruptcy, laying off staff or finding difficulty in financing loans, the Houston area real estate market has held up quite well in July 2007. Houston home sales actually increased from the prior two months of declining sales.Even though the Houston available home market inventory grew slightly, prices were consistent. The only home price segment that is demonstrating moderate weakness is the $80,000 to $150,000 range. This market is definitely the result of mortgage and lending issues that have captivated the nation.For July 2007, according to the Houston Area Realtors, total property sales registered 8,114. This is a 1.1 percent increase vs the same month last year. Houston Texas Real Estate sold during the month reached a total of approximately $1.7 billion, a 5.3 percent increase compared to last July’s sales of nearly $1.6 billion.In addition, the media home price for a single family home reach $155,100 (the average home price was $209,339 – reflecting continued strength in luxury Houston homes).Most people have heard the saying that real estate is local. However, the impact on the mortgage industry is national, and becoming an international issue. Even though the Houston housing market has held up quite well, the “jumbo” loans are starting to see delays in funding and even some home-buyers not being able to qualify for a loan at any price.The good news for Houston is that the region is experiencing strong growth from high energy prices, continued increases in new jobs and a housing market that didn’t experience the “housing bubble” over the past decade.For additional details on Houston Home Prices and trends visit http://www.houstonproperties.com.