(Houston Community Newspapers)
(Houston) – The residual effect of Hurricane Ike in 2008, has largely accounted for a second straight month in which property sales and pricing recorded gains locally.
“Hurricane Ike had a lasting effect,” said Vicki Fullerton, chairwoman of the Houston Board of Realtors. “It is no surprise to have the kind of year-over-year improvement we have now.”
Throughout the Houston area, the number of home sales increased 13.8 percent, from 4,246 to 4,834.
Home sales were up a whopping 30 percent in Memorial, followed by 11.6 percent in Bellaire. In River Oaks sales remained unchanged, while West University fell by 2.3 percent.
At the same time, median prices of homes sold:
rose 10.1 percent in Memorial from $513,250 to $565,000;
declined 5 percent in West University from $695,000 to $660,000;
declined 5.7 percent in Bellaire from $262,500 to $247,500; and
d7.1 percent in River Oaks from $527,500 to $490,000, according to the Houston Association of Realtors.
The median price rose throughout the Houston area by 5 percent from $141,950 to $149,000, while the average sales price rose 3.3 percent for $192,453 to $198,639.
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
If you are thinking about purchasing a new home, don’t wait until you find the perfect home to get prequalified! Make sure your credit is healthy and find out how much you can qualify for before you find the home of your dreams. This helps insure that you not only choose a home in the right price range, but help avoid falling in love with a home that you can’t afford!
