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NAR: Existing Home Sales Rise 3.8 Percent In January

The National Association of Realtors reported that existing home sales rose 3.8 percent year-over-year in January. Seasonally adjusted sales for January posted at an annual rate of 5.69 million, the strongest sales volume since February of 2007. Single-family home sales were up 3.7 percent compared to last January. For a local comparison, Houston home sales rose a more modest 1.7 …

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New Home Sales Crash Back To Reality Of Higher Rates

The Census Bureau reported December new home sales of 536,000 (seasonally adjusted annual rate). This was a 10 percent drop from the revised November numbers and well shy of expectations. Unadjusted new home sales (38,000) were flat year-over year. The average price of a new home contracted in December 2016 was $384,000 while the median price posted at $322,000, near …

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Katy Texas Real Estate Market December 2016

Katy Texas real estate finished out 2016 much like it started, with sales volume stagnating amid diminished affordability and increasing inventory. Home sales within Katy ISD declined seven percent during December while Houston area home sales rose about 3 percent. New home closings within Katy ISD were down 28 percent compared to December of 2015 while new home sales fell …

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New Home Sales Rise In November To 592,000 (SAAR)

New home sales rose to a seasonally adjusted annual rate of 592,000 in November. Census Bureau numbers showed the average price of a new home contracted in November was $359,900, down from the average price of $376,800 seen last year. The median price of $305,400 was also lower than last year’s median of $317,000. New home sales have been surprisingly …

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Air Pocket Coming To A Housing Market Near You

The Federal Reserve’s 25 basis point rate hike was widely anticipated. What is less appreciated is the slack it’s going to create in Houston home sales as we head into the first quarter of 2017.  This week the Houston Association of Realtors reported record November home sales. Both the median ($222,000) and average ($281,671) home price hit new record highs in …

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Katy Texas Real Estate Market November 2016

Katy Texas homes were flying off the shelf in November as buyers hedged election year uncertainty and locked in their relocation plans. Compared to November of last year sales volume in the Katy area was up by 19 percent. Sales in Houston as a whole rose by 21 percent year-over year. New home sales in the Houston area rose by 24 …

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Average Rents In Cinco Ranch Lowest In Years

Average rents in Cinco Ranch fell to their lowest levels in years during the month of November. A glut of apartments and ample supply of single-family homes has taken its toll on Katy area landlords this year. On a price per square foot basis Cinco Ranch average rents in November were down 20 percent compared to the peak numbers in …

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Katy Texas Real Estate Market October 2016

It was another rough month for the Katy Texas real estate market. Sales were flat during the month of October, but area home prices were not so fortunate. Home sales volume was flat within Katy ISD and for the Houston area as a whole during the month. New home sales volume did fare better in Houston, rising 9 percent, compared …

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Katy Texas Real Estate Market September 2016

Home sales slowed throughout the Houston area in September, and the Katy Texas housing market was particularly soft during the month. While Houston homes sales volume declined  2 percent compared to last year, Katy saw a 7 percent year-over-year decline in sales volume. Closings of new construction in Katy dropped 28 percent compared to September of last year. On top …

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Katy Texas Real Estate Market August 2016

Katy Texas real estate saw a nice bump to end the summer selling season as single-family home sales in the Katy area rose 12 percent compared to August of last year. Record low mortgage rates and higher inventory levels helped to lure more buyers off the fence in August. The Houston area as a whole saw sales rise by 6 …