Million-dollar home sales jump 46 percent in HoustonMillion-dollar home sales jump 46 percent in Houstonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=53442014-01-07T10:18:00Z2014-01-07T06:43:00Z

HOUSTON - Sales of Houston-area homes costing $1 million or more were up a striking 46 percent during the first ten months of 2013.

From January through October, 1,060 luxury homes traded hands, according to the 2014 Texas Luxury Home Sales Report, which looked at high-end home sales in the state’s largest cities.

Houston had the second-highest growth rate after Austin, whose luxury housing market rose 55 percent during the same period. The Dallas-Fort Worth area was up 22 percent, while San Antonio saw 18 percent growth.

“The housing slump is behind us and as Texas’ economy and population continue to accelerate, we’re going to see increasing development and demand in larger, higher-priced homes with luxury amenities,” Dan Hatfield, chairman of the Texas Association of Realtors, said in a statement.

The report, which is based on data from the Real Estate Center at Texas A&M University, said luxury homes are one of the fastest growing segments of the Texas housing market.

Across Houston, these properties made up 1.7 percent of the total housing market. As of October, there were 756 luxury homes listed for sale. That represented 4.1 percent of all the listings on the market.

Inventory is estimated at 7.4 months, meaning it would take that long to sell all the $1 million-plus homes on the market based on the previous year’s activity.

Houston Chronicle
Houston-The Woodlands-Sugar Land
http://blog.chron.com/primeproperty/2014/01/million-dollar-home-sales-jump-46-percent/#19410101=0Read more at {Source}

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