Northeast Houston Home Prices Rise in September

Houston Association of Realtors Releases Market Update

While sales of homes in Northeast Houston declined in September, home prices in the area saw a nice uptick for the month, according to the Multiple Listing Service Market Update released by the Houston Association of Realtors (HAR).

The drop in single family home sales in Northeast Houston mirrored the Houston market, which sold 18.6 percent less homes this September versus last year.  Correspondingly, HAR Area 32 - Kingwood was down 33 percent and Area 1 -Atascocita/Humble declined 26 percent over a year ago. Area 40 - Montgomery County Southeast, which has seen unit sales growth every month in 2010, finally saw a dip in comparable sales: -15.3 percent for September. However, the area which includes Oakhurst remains one of the top three neighborhoods in the HAR "Hotness Ratio."

The good news for area home owners is that median home prices rose in September. The median price of a single-family home in Houston was $156,250 - a slight 0.2 percent gain. The three Northeast Houston areas experienced median prices better than the market, reflecting increased sales of higher-end homes in our area. The median home price was up 0.5 percent in Kingwood compared to last year, Atascocita grew by 5.0 percent and Montgomery County Southeast surpassed the market with an 8.6 percent increase.

Active listings are also up dramatically versus last year as can be expected with the current low mortgage rates. Houston had 26 percent more homes on the market in September than last year. Meanwhile, Kingwood had 29.9 percent, Atascocita had 30.8 percent and Montgomery County Southeast had 41 percent more listings available this September.

"The Houston real estate market continues to experience slower sales coupled with strong pricing, and that combination still puts us in an enviable position compared to many other markets around the country," said Margie Dorrance, HAR chair and principal at Keller Williams Realty Metropolitan. "With interest rates at all-time lows, we look to the fourth quarter of 2010 with hopeful eyes provided the local job market is healthy."