Houston housing market looks strong for 2014
Posted on December 11, 2013 | Back to blogHousing housing marketHouston Real Estate Housing housing marketHouston real estate
If you’re looking for one of the strongest real estate markets in the country, look no further than Houston.
Unlike most metropolitan areas, Texas was largely untouched by the housing crisis. As opposed to Houston and Phoenix, there was very little speculation in Houston and other metro cities in Texas. That has led to a strong market throughout 2013 and heading into 2014.
Typically slower for the real estate industry, the third quarter in Texas actually saw an increase of 19 percent over the same period last year. The numbers were part of the Texas Association of Realtors (TAR) and it was the highest quarterly sales volume in Texas since the report started in 2009. According the Realtor.com’s monthly housing summary, the median asking price has risen in Texas year over year. Houston leads the way with its annual gain of 12.76 percent from September 2012 to September 2013.
Inventory was the item of note for 2013 real estate in Houston, and that will continue to influence the market in 2014 in a positive way. According to the real estate information service Zillow, the median list price in Houston rose 26.7 percent from October 2012 to October 2013. Other numbers are slightly lower, but it’s clear the Houston Market made large gains in 2013.
The Housing Association of Realtors in October reported that a 22.5 percent year-over-year increase in home sales. HAR chairman told www.luxuryrealestate.com that Houston “continues to benefit from a confluence of very positive economic forces: strong growth, low interest rates and reasonable home prices compared to other parts of the country.”
Most experts’ predictions for 2014 includes lower inventory levels, along with rising levels of demand, that will push Houston real estate values even higher in 2014. Prediction sites like Luxury Real Estate add that the numbers will not be as dramatic as 2013, but homeowners can expect a healthy level of appreciation in the coming months.