The latest Houston Market report for October sales is out and shows gains in 2 of the biggest areas. 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 by having 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 excellent news because for each luxury home which is sold, there is a trickle down effect triggering a purchase at the other price points.

 
Other elements within 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 available. One last impressive section of the marketplace is the sale of lots increased 7% year to date from a year ago signaling an increase in building.

For anyone who is considering selling or buying Real Estate in Houston and want a Houston Realtor that can assist you look for a home, please contact Paul Silverman, Certified Negotiation Expert with Heritage Texas Properties. Kindly visit our website at www.ourfirstnest.com .