HOUSTON (Houston Chronicle) – The June median home price was at an all-time high, thanks to a drop in the number of low-priced homes sold out of foreclosure.
June also marked the second consecutive month in which the median price jumped, rising to $164,500, according to the Houston Association of Realtors. The median price in June 2008 stood at $160,050.
“I wouldn’t interpret it that the market is suddenly so much better,” said Dr. Jim Gaines, research economist with the Real Estate Center at Texas A&M University. “But going up sure beats going down.”
Still, the future of the housing market looks a bit cloudy. July foreclosure postings stood at 4,466, just 307 shy of the October 1987 record. Actual foreclosures rose 33 percent at the July auction.
Also affecting the local housing market is the loss of 69,600 jobs between June 2008 and June 2009.