Houston Real Estate – Upper end market makes a sharp rebound

The newest Houston Real Estate market report is out and shows the luxury home market has made a sharp rebound. Homes in the $700,000 - $799,000 range were up 56%, $900,000-$999,999 were up 19% and homes above $1 million were up 31%. This is very good news because for each and every luxury home that is sold, you will find there's trickle down effect triggering a purchase at the other price points.
The industry report for all other price ranges shows small decreases in sales but it is really an indication in the market returning to normal demand and supply. During this same period last year, we were treated to several factors artificially inflating the market. These included the First Time Homebuyers Tax Credit, looser lending guidelines, and lower mortgage rates. With sales down only 1% year to date and the average sales price increasing 3%, this shows that Houston's market remains strong despite each of the factors enhancing the market in 2010 have ended. Another promising spot in the market is the sale of lots increased 19% year to date from last year signaling a rise in building.

If you are considering buying or selling Real Estate in Houston and want a Houston Realtor to help you choose a home, please contact Paul Silverman, Certified Negotiation Expert with Heritage Texas Properties to help find a home for you. Kindly visit our website at www.ourfirstnest.com .