Home Buying and Foreclosure Investments Dropped in Houston in 2010- By: Clark Raitz
Not a lot of foreclosure investments activities happened in Houston, Texas, last year. Home buying also declined, with purchases for single family dwellings declining in the metro area in 2010 when compared with 2009 levels. According to the Houston Association of Realtors, sales of single family housing units declined in the city by 5.7% last year.
The total number of foreclosed homes for sale in Houston, TX and non-foreclosed houses that were purchased by buyers last year reached 51,428, almost 6% less than the 54,531 units sold during 2009. However, the average selling price of single family dwellings recorded an increase of 4% compared with 2009 levels. For 2010, houses sold had an average price of $211,765 compared with the 2009 rate of $203,626.
Prices for both non-foreclosed and foreclosures in Texas showed some improvements last year. In Houston, the last month of 2010 marked the highest average price for houses sold in a December selling period, with selling prices averaging $221,613. However, total sales for the same month dropped by almost 4% when compared with December 2009 sales. The number of single family residences sold last month totaled 4,301, declining from the December 2009 total of 4,475.
Although foreclosure investments and house buying fell during the year, certain price segments of the residential property market recorded a rise in sales during the last month of 2010. Sales of single family residential properties in Houston that were priced from $150,000 to $250,000 rose during December by 3.3% when compared with the same 2009 month. It also marked the first time that the category recorded a positive sales figure since May of last year.
Houses priced below $80,000, mostly owned by a foreclosure, recorded the highest sales increase during the month, rising by 9.2% from year-ago levels. Those priced $500,000 or more recorded a sales increase of 8.3% for the same period. Houses priced between $80,000 and $150,000 and dwellings in the range of $250,000-$500,000 posted sales decreases of 14.2% and 6.3%, respectively.
The association reported that foreclosure investments and home buying activities seemed to be on their way up as pending sales contracts hit the positive level after several months of negative performances. Realtors are hoping that demands for homes will increase for the rest of 2011.
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