Houses.com and Condo.com See Increased Interest in Booming Texas and Las Vegas Real Estate Markets
Miami, FL (PRWEB) July 31, 2013 -- Despite the still tightening supply of homes available for sale across the U.S., some real estate markets are seeing marked increases in home sales and homebuilding activity. Two such areas are the Dallas/Fort Worth market in North Texas, and Houston in the state's eastern region - both are seeing record-breaking numbers over the last few months. Top real estate portals Houses.com and Condo.com, are also seeing this same trend as buyer inquires for homes in these markets were up 17% from April through July compared to last year. Out west, homebuyers in Las Vegas are keeping that market relatively hot as the number of closed sales continues to increase year over year. That increased activity is also reflected on Houses.com and Condo.com, as inquiries for Vegas homes have seen a 14% boost since April.
Dallas - Fort Worth Real Estate
In the Dallas area, builders are trying to keep up with the demand with nearly 6,000 building-starts in the second quarter alone, setting a new high over any other time period over the past five years, according to housing market research firm Metrostudy. That's 32% higher than the same time frame in 2012. Homebuilders in this market sold more than 5,125 new homes in the second quarter, besting 2012's second quarter by 25% and creating the highest level since 2008. An estimated 22,000+ homes will be built in the Dallas area by the end of the year, according to the same study.
Sales of existing homes with the help of a Realtor were also strong with 8,708 single-family homes trading hands in North Texas. From January through June, home sales increased 19% compared with the same time last year. And as home sales boom, so too do home prices. The median sales price of existing homes in the region in June alone rose 13% to a record $185,820. It’s no wonder why leads and searches for Dallas homes on Houses.com and Condo.com have seen a significant uptick in recent months.
Houston Real Estate
The Houston real estate market is equally busy with single-family home sales in June reaching 7,220, according to the Houston Association of Realtors. That's a 13.3% boost year over year - the third highest one-month sales activity of all time and the 25th consecutive month of sales being in the positive zone. July is expected to bring similar results as there were 4,416 sales pending at the end of June and another 32,518 active listings. Like most major markets, Houston is experiencing a decline in available homes for sale as active listings are down 23% from June 2012.
Las Vegas Real Estate
The number of new-homes sales in Las Vegas, Nevada, jumped a whopping 31.2% in June compared to last June 2012. Homebuilders closed on 637 homes of all types in June, which was a drop from May but still a significant move forward as the economy and job growth there increase. While sales of existing homes were down 7.7% compared to June last year, the 3,642 home, condo and townhouse re-sales continue to fuel the market, according to numbers from the Greater Las Vegas Association of Realtors. One reason sales of existing homes may be less is because of the dwindling supply of re-sales and the slight increase in mortgage interest rates, much like many other major markets across the U.S. are experiencing.
Looking forward, homebuilders continue to build as quickly as they can, applying for single-family home permits at the fastest rate that Las Vegas has seen in five years. Applications for permits from January through June have increased 30% over the same time frame in 2012. For all types of housing, 3,770 permits were granted, according to Home Builders Research. Of course the steady increase in home building also translates into more job availability.
Across the nation, Houses.com and Condo.com continue to see a steady increase from potential buyers and renters looking for real estate in the Dallas, Houston, and Las Vegas area. What remains to be seen are challenges ahead that include keeping up with the pent-up demand for new and existing homes as the economy continues to heal. Also on the radar is whether homebuilders will find a sufficient number of quality contractors to build homes, as well as finding suitable land at affordable prices.
About eRealEstate Holdings LLC
eRealEstate Holdings LLC owns and/or operates the category-defining portals Condo.com, Houses.com, Property.com and Location.com. These real estate portals are the world’s largest online marketplaces for real estate with more than 30 million properties for sale, rent and vacation in the United States and 70-plus countries around the world. The site receives more than 1.5 million visitors per month, and cost-effectively delivers exposure and qualified leads to builders, real estate professionals and homeowners. The privately held eRealEstate Holdings LLC is headquartered in Miami, Florida.
VIrginia Mendez, eRealEstate Holdings, LLC, 305-231-5000, [email protected]
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