Sales of Houses in Single Family Home Listings Rose- By: John Cutts
Residential properties under single family home listings posted healthy sales increases in Houston, Texas as shown by the latest 12-month period figures. According to local housing market analysts, Houston remains the top metro area in the U.S. in terms of housing market performance.
Sales for all types of residential properties, including new houses and Houston bank owned properties, rose by almost 20% compared with 2009 sales figures. While the rest of the U.S. suffers from low residential property sales, Houston continues to record healthy numbers, with the latest yearly numbers showing a closing of homes sales that totaled more than 50,000.
Residential real property observers also revealed that the local housing market’s strength is evident in the decline in the number of foreclosures and supplemented by a state-wide drop in the number of bank owned properties in Texas. They reported that in 2009, foreclosed residences accounted for 30% of the local housing market, but declined to 20% during the current year.
Single family home listings posted the best performance, with more home buyers believed to be favoring family residences. The healthy status of the local residential market is also attributed by industry experts to local developers’ decision to keep housing inventories parallel with demand during times when the national real estate market is at its worst.
Latest figures also showed that the list of bank owned homes, new residences and lots in quality locations get the most of buyers’ attention. Local realtors reported that homes in master plan communities recorded sales increases of 40% for the year. Developers and home sellers also reported that they did not need to lower home prices much since most buyers are willing to purchase quality residences at their usual rates.
The steady performance of the local housing market is also attributed by analysts to the strength of the city’s job market and growth in the city’s population. The fact that the area also did not fall into the housing speculation trap also contributed to the current stability of the market and to the steady rise in sales of new homes and other residences in single family home listings.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.