Movoto is reporting that housing prices in Houston real estate have risen significantly in 2009, despite the alarming nation-wide increase in the unemployment rate.
The national rate of unemployment reached 9.8% in September 2009. Although the cities of both Houston and Dallas have a lower unemployment rate than the national average, each city has still seen a continuous increase throughout 2009 to approximately 8.1% by the end of September 2009. The unemployment surge has had little effect on the recovering real estate market in both US cities as homebuyers have continued to buy and the average price of a home for sale has increased during the same period.
The average price of homes for sale in Houston in the first quarter of 2009 fell to $180,373 compared to an average price of $199,747 in the same quarter of 2008. The unemployment rate rose 1.7% in this period. The prices have shown a recovery in the last 6 months with an average home price of $213,117 in the third quarter of 2009, despite a corresponding 2% rise in unemployment beginning the first quarter of 2009.
The Dallas real estate market showed similar results. The average price dipped to $186,167 in the first quarter of 2009 compared to the average price of $203,433 in the same quarter of 2008. The market showed resilience in the third quarter of 2009 as the average price rose to $205,900, despite the rise in unemployment to 8.1% by the end of September 2009.
SOURCE Movoto
If you found this article useful, you can also get tons of free investment advice and great finance tips at Invest Money Stocks.
Leave a Reply