No housing bubble in Houston
The Houston Business Journal reports that Houston housing prices continue to set records:
Houston home prices broke records in May, with the average single-family home price surpassing the $200,000 mark for the first time.
The average single-family home price for May was $204,005, up 8.2 percent over last year, according to statistics from the Houston Association of Realtors.
The median price -- which is the typical market price where half of the homes sold for more and half of the home sold for less than that figure -- also reached an all-time record of $152,000, up 5.6 percent from last year.
Houston's current median price of $152,000, while a record for the Houston market, is 31.7 percent less than the national median price, which reached $222,700 in April, according to statistics from the National Association of Realtors.
"While the rest of the country is talking about bubbles deflating, we continue to reach new heights in the Greater Houston real estate market," says Lorraine Abercrombie, HAR Chair and marketing director for Greenwood King Properties. "We know that for most people a home is their largest investment, so while we help them achieve their housing dreams, it is also good to know their investment will prove to gain value in the future. These numbers are definitely good news for our area."
Ms. Abercrombie did not add, "And the numbers are DEFINITELY good for realtors!"
Posted by Kevin Whited @ 06/15/06 09:08 PM | Print | Comments (6)
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