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Houston home prices are skyrocketing

December 4, 2014 Leave a comment Go to comments

Houston’s home prices saw one of the largest increases nationally over the past year, according to Trulia Inc. (NYSE: TRLA).

Asking home prices in July rose by 10.4 percent year over year, according to the San Francisco-based online real estate company’s most recent “Price Monitor” report.

The national average was 7.8 percent, according to Trulia, which is being acquired by Zillow Inc. (Nasdaq: Z) for $3.5 billion.

Home For Sale Sign

 

In fact, Houston’s skyrocketing list prices ranked No. 24 among 100 metro areas nationally, according to Trulia.

Riverside-San Bernardino, California, had the largest increase in asking home prices this past year at 15 percent. Among major Texas cities, Austin came in at No. 12, with a 12.3 percent increase; Dallas came in No. 48, with a 7.6 percent increase; and San Antonio came in at No. 77, with a 4.4 percent increase.

Houston’s booming population growth, coupled with its major housing shortage, is causing the home prices to skyrocket.

Apartment rent also rose in Houston, but not as much as home prices, according to Trulia.

Houston rents went up 4.2 percent year over year in July, according to Trulia. The Bayou City ranked No. 21 among the top 25 largest metro areas nationally in apartment rent increases. The median rent for a two-bedroom Houston apartment in July was $1,500.

Paul Takahashi covers residential and multifamily commercial real estate for the Houston Business Journal.

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