Industry News

Houston real estate makes comeback

Home sales post double-digit gains in July

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The Houston real estate market bounced back in July, as sales and median prices rose to all-time highs, the Houston Association of Realtors reported. Particular strength was seen in the $400,000-plus home market, with a 29.2 percent increase in sales for those higher-end properties when compared to last year, the association reported. Total property sales, which includes single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 7,680 in July, which was a 10 percent increase over July 2004 and a new high. Existing single-family home sales totaled 5,680 last month, which was an 11.8 percent increase from July 2004. "Houston's real estate market continues to exhibit the steady price appreciation and increased sales activity levels that are needed to keep the market in equilibrium," said Toni C. Nelson, HAR chair and a division vice president for Coldwell Banker United, Realtors. The overall median price of single-fami...