Houston maintained its spot in the top five in this month’s Business Journals’ analysis that measures the economic health of major metropolitan areas. The city again ranks No. 4 in the Business Journals’ On Numbers Economic Index, which is calculated by an 18-part formula. The formula assesses private-sector job growth, unemployment, earnings, housing-price appreciation, and construction and retail activity for all 102 metropolitan areas with populations of more than 500,000. Only nine markets have seen home values appreciate over the past five years, and Houston maintains a strong lead in that category.
Houston property sales have been strong for 16 straight months. September’s robust home buying market caused a reduction of inventory and a spike in prices. Single-family home sales have risen considerably in 2012. Demand for homes throughout Houston continues to outpace supply. Tapering off during the holiday season is expected so that will allow the inventory to climb to healthier levels. For those considering selling a home, current market conditions present excellent opportunities, and with interest rates falling to new record lows, this also remains an outstanding time to buy. Other interesting statistics: Sales of homes priced between $250,000 and $499,999 were up 26.6 percent. Those in the half-million to $1 million range spiked 23.9 percent. The amount of time it takes to sell homes on the market in Houston is 4.9 months.. The national inventory of single-family homes is 6.4 months. The median price — the figure at which half of the homes sold for more and half sold for less is $165,000.
A strong economy often yields a healthy housing market, and vice versa. In Houston, both sectors experienced significant gains so far this year and these upward trends are expected to continue in the near future. The success among both large- and small-sized businesses has gone a long way in contributing to the strength of Houston real estate. Because these gains are expected in the future, rising home prices and increased home sales could follow suit in 2013.
On a local level, Houston real estate contributed greatly to the statewide gains. Local buyers in Houston and throughout the state should consider making the transition to homeownership, as these trends are expected to continue in the coming months.
Source: “Texas Small Businesses More Confident.” RSS. Web. 13 Nov. 2012.
“Houston Holds Steady in Top 5 in Economic Health Index.” Widgets RSS. Web. 13 Nov. 2012.
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