Houston Real Estate Market Report - October 2011

The latest Houston Real Estate market report for October sales is out and shows gains in two of the biggest market segments. Single family homes posted a 9% gain over the previous year and townhome/condo market posted a 17% gain. Meanwhile, the rental market still remains strong with an average of 24% gain. The luxury home market has made a sharp rebound with all price segments of homes above $600,000 showing significant gains. This is great news because for each luxury home that is sold, there is a trickle down effect triggering a sale at the other price points.

Other factors in the single family market report show more signs of strength. Our total months of inventory has dropped to 6.6. Most real estate experts consider a 6-8 month supply as a neutral market. Another promising statistic is the total number of listings has dropped 14%, signaling fewer homes on the market. One last impressive area of the market is the sale of lots increased 7% year to date from last year signaling an increase in building.

If you are interested in buying or selling Real Estate in Houston and need a Houston Realtor® to help you find a home, please contact Paul Silverman, Certified Negotiation Expert with Heritage Texas Properties to help find a home for you. Please visit our website at www.houstonhomesource.net .

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