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Houston Housing Sales Heat Up With Pre-Summer Temperatures
March Brings in Record-Breaking Home Sales and Out-Performs the U.S.
HOUSTON — (April 25, 2006) — March home sales in the greater Houston area reached near all-time record levels. Sales reported set a new record for the month and were the third highest level ever. Houston’s uniquely balanced market shows continued strength in homes sales and prices, while still providing an affordable market for home buyers.
As we enter the traditional peak home buying and selling season this summer, Houston stats are climbing along with our temperatures.
“You never want to claim good weather as the reason for anything—that is just tempting fate in Houston—but the early heat up in temperatures and the relatively few number of days with rain have definitely contributed to the early heat up in housing sales,” said Lorraine Abercrombie, HAR Chair and Marketing Director for Greenwood King Properties. “Almost all of the analysts and industry experts predicted that 2006 would be a very strong year but would not match last year’s amazing sales. So far, Houston is exceeding those expectations, and, if all the factors continue to line up, 2006 will be the best year ever for real estate in the region.”
Total property sales for the month totaled 8,015, which was a 22.4 percent increase over March 2005. Properties sold during the month reached a total of nearly $1.5 billion, a 32.4 percent increase compared to last year’s more than $1.1 billion in March sales. Additionally, the median home price for a single-family home reached $143,310, and the average home price rose to $193,640, both increases from last year of 5.4 and 8.5 percent, respectively.
Covenant condition restriction is an agreement, usually included in the deed to a property
This tool acts as restricting the manner in which the property can be used. For example, a deed for a residential property may contain a covenant that the owner won’t permit “noxious uses” on the property, or any of a lengthy list of particular offenses such as stables, factories and so forth.
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Definition:
A legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.
Mortgage insurance
Definition:
A policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price.
Borrower
Definition:
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
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