Houston Real Estate | When Real Estate is more Important that Oil

Many interested people are keeping close watch on the real estate market in Houston. It is an up and down affair. Some experts predict the bottom to hit soon. Others say it already has hit. And still more think the market is beginning to rebound. What does this mean for investors? How does the conflicting news affect home sellers and buyers? The answer is as complex as the market itself. The best indicator is to see with clear understanding where it you stand financially. Capital, credit, job security and the promise of a strong loan, these are the principles that will determine for an individual when to buy or sell a home.

The Houston real estate market continued to experience a decline in home sales and prices in March.

March sales of single-family homes in Houston totaled 4,355, down 16.1 percent from March 20008 and the 19th consecutive monthly drop, according to statistics released by the Houston Association of Realtors.

The median price of single-family homes in March was $145,000, off 4.4 percent from one year earlier, and equal to its December 2008 level.

The national single-family median price reported by the National Association of Realtors is $164,600.

While sales of foreclosure properties, which typically sell below market prices, continued to weigh on home prices last month, the effect was milder than in previous months. In March, foreclosures made up 24.5 percent of all single-family home sales in the Houston area compared to 34 percent in January and 28 percent in February. The median price of March foreclosure sales reported in the MLS tumbled 11.3 percent from $94,700 to $84,000 on a year-over-year basis.

Overall March property sales fell 18.9 percent compared with the same month last year, however, from February to March of this year, overall property sales volume increased 26.1 percent while sales of single-family homes rose 27.8 percent.

Total dollar volume for properties sold during the month was $940 million versus $1.2 billion a year earlier, a 23.2 percent decline.

So there you have it, good news in a bad market. It does not matter what the market is doing. The most important thing is working within your means. And to consult a real estate group. It's the only way to buy or sell a home successfully.


Michael Russell writes about a variety of subjects. This article discusses Houston real estate. For more information, visit the Real Estate Book.