Saturday, May 21, 2005

A Record 44,000 Homes For Sale In Houston

This blog doesn't get a lot of comments from Houston, probably because they haven't had a big run up in prices. But this month the reports contain the same increases, including record inventory. "All listing categories combined, Houston's overall housing market in April experienced increases across the board including total property sales, average sales prices, median sales prices, available inventory and overall total dollar volume on a year-over-year basis."

"The number of available homes at the end of April was 44,144 properties, which was an 8 percent increase versus last April and a new all-time record."

The Houston area has a high foreclosure rate as well.


At 2:24 PM, Blogger John Law said...

Houston is weird, prices don't seem to be in a bubble, but simple supply and demand seems to be saying that.

At 3:20 PM, Anonymous Anonymous said...

I have relatives in Texas, the heat gets to them this time of year.

At 3:53 PM, Anonymous Anonymous said...

Anon 3:20,

May is nothing - just wait until July.

At 5:53 PM, Anonymous Anonymous said...

Houston has a great deal of new developments outside the Beltway and outside Highway 6. The Beltway loops around Houston about 15 miles from downtown. Highway 6 is not a complete loop but its probably about 25 or so miles from downtown. With all the new developments out there, the preexisting homes tend not to appreciate as much. But, if I recall correctly, there is or was a good deal of appreciation with respect to homes inside the Loop, i.e., 610 freeway. Those homes have much shorter commutes to downtown. Also, some of the most desirable neighborhoods in Houston are located there, e.g., River Oaks, West U., Bellaire. There was a good deal of construction with respect to townhomes inside the Loop, which I thought was pretty stupid for Houston. Quite a bit of construction in some gentrifying neighborhoods close to downtown, e.g., the Heights, Fifth Ward. Prices were out of whack in some of those areas for what you were getting.

And yeah, July is one miserable month (and August and June and September).

At 7:13 AM, Anonymous John Vosilla said...

Houston appears to be the only large subtropical market not participating in this bubble. SoCal,Vegas,Phoenix,
SoFla, Orlando and Tampa.

At 5:04 PM, Anonymous Anonymous said...

CBC said:
I have lived in Houston for 12 years now in Tanglewood, just west of the 610 Loop. The higher end market here, above $500K, has been quite weak since Enron blew in 2001, and the other energy trading firms downsized. New $1MM+ customs are built, but the high end spec homes sit on the market a long time. Tanglewood homes in the $1MM --$2.5MM range are not easy to sell, and most are forced to sell 10% to 20% below 2003 appraised value. The really high end $5MM+ mansions in tony River Oaks have been marked down as well, but custom building continues. The low rates have sparked a massive building boom here, and with no zoning laws, homes grow faster than the weeds in Houston. Memories are long and most remember the last energy/housing bust of the 1980s. Homes are a real value here, but short of $100/bbl oil, which I expect by 2010, I do not see much housing appreciation in this overbuilt city. If you want to brag you live on the same street as the President's parents, George and Barbara, there are at least 6 homes for sale and some new ones under construction($900K to $2MM range).


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