Its August in Houston and the housing market has seen a bit of a cool down despite this seasons red hot temperatures. This makes now a fantastic time for buyers to take advantage of the cooler market and area home prices! Check out the article below to learn more and if you’re in the market for a new place to call home, give us a ring today to connect with a real estate professional!
Houston’s once red-hot housing market has cooled amid the oil slump.
Houston’s housing market saw its largest decrease in home sales for the year in July, according to the most recent Houston Association Realtors report. However, homes priced between $150,000 and $499,999 are still selling — falling only by between 1.4 percent to 3.1 percent year over year in July — despite the oil slump.
Meyers Research said it believes first-time homebuyers are beginning to jump into the housing market as home price growth has flattened and interest rates remain low. The Beverly Hills, California-based residential real estate advisory firm expects many residential developers and homebuilders will continue to develop land in Houston’s outer suburbs to accommodate the growing demand for affordable homes.
Here are the fastest-selling residential subdivisions in Houston (including both master-planned and smaller communities) during the second quarter, according to Meyers Research. All of these fastest-selling communities hit the sweet spot for home prices: between $150,000 and $499,999.
- Goose Creek Landing by CastleRock Communities in Baytown: 14.8 percent average home sales rate ($170,000 – $342,990 home price range)
- Sommerall Square by KB Home near Copperfield: 13.2 sales rate ($181,995 – $220,995)
- Rancho Verde by Express Homes in east Houston: 11.2 sales rate ($155,990-$195,990)
- Parc at Midtown by Surge Homes Development LLC in Midtown: 8.7 sales rate ($154,760 – $430,260)
- Terra Del Sol by K. Hovnanian Homes in west Houston area: 8.3 sales rate ($189,950 – $219,950)
- Deerbrook Estates by LGI Homes near Deerbrook Mall: 8.2 sales rate ($172,900 – $226,900)
- Bridges on Lake Houston by D.R. Horton in northeast Houston area: 7.8 sales rate ($249,990 – $329,990)
- Breckenridge Forest by Express Homes in north Houston area: 7.7 sales rate ($182,990 – $209,990)
- Southridge Crossing by Centex Homes in south Houston area: 7.7 sales rate ($154,990 – $200,990)
- Cypress Creek Crossing by KB Home in north Houston area: 6.6 sales rate ($178,495 – 198,995)
Paul Takahashi covers residential and multifamily commercial real estate for the Houston Business Journal. Follow him on Twitter for more.