Houston home prices on the rise
One key metric for determining the success of a housing market is property prices. Potential homebuyers strive to purchase homes that are likely to rise in value because such increases indicate strengthening investments. Consequently, purchasing one of the homes for sale in Houston may benefit a new owner financially, as well as providing a house that memories will be made in.
According to ALTOS Research, the median single-family home price in Houston was $154,004 as of July 26, 2012. This is an uptick from approximately $152,000 on July 1, 2012 and an increase from May 1, 2012, when the median price was about $149,000. The slow progression in home prices represents the steady improvementof the real estate market, as values increase and more potential homebuyers purchase property.
In addition, the median price paid per square foot in Houston was approximately $74 as of July 27, 2012. This particular metric is a strong indicator of a property’s affordability, because it allows a homeowner to determine what he or she might pay for a space, compared to what a similar house would cost when divided by square foot.