A Look at the Housing Market in Houston

Homes along White Oak Bayou in Houston
Creative Commons License photo credit: (Bill and Mavis) – B&M Photography

Houston, Texas is the largest and by far, the most well known cities in the state. The economy in Houston has been stable for many years and a draw to new home buyers for decades. The housing market in Houston Texas is currently growing rapidly; in start contrast to many other large cities in the U.S. Basically, single-family homes are the hot commodity and there are many people converging on the city in search of luxury homes. The biggest increase in sales in Houston was in this high end market. Many in the industry are touting Houston as the new place to live for the nouveau-riche and uber-wealthy. The homebuyers tax credit that ended in March of this year, really buoyed sales in the first quarter. Many feel that this was the single driving force behind the fact that Houston saw an increase in sales where many cities were still stagnant.

Sales of single-family homes have boomed by almost 30% recently, according to the Houston Association of Realtors (HAR). Usually, these homes are very valuable because of their prime location and they appreciate over time. The appreciation of single-family homes is still in flux, but the trend is moving upwards. The amount of listings of sales went up 25% in one year. Additionally, the pending sales of single-family homes has gone up, thus revealing a boom in Houston?s housing market. Additionally, total dollar volume being exchanged hands has risen by $315 million dollars in the expanse of one year. The reason for some of this activity is that basically people are earning more money in Houston and their paychecks seem to match the inflation in the area. The value of the U.S. dollar is gaining ground, and goes particularly far when purchasing a home in Houston. Houston is an ultra modern and trendy place to live and visit. The diversity of people and cultures also make Houston a hot spot for new home buyers. Also, being the fourth largest city in the nation, it is to Houston?s credit that the housing market has picked up in recent years. It is also a credit and hopefully a forecast of things to come for the housing market in the United States overall.