CARPE DIEM: Houston Real Estate Market Might Be the Hottest in ...

Houston Association of Realtors -- "Houston home shoppers went on a buying spree in May, sending sales volume and pricing through the roof and accounting for the 12th consecutive month of positive sales. Average and median prices broke records while volume of sales reached the highest level since June 2008. Local housing inventory is now at its lowest level in more than five years.

May sales of single-family homes soared 23.8 percent versus one year earlier. That marks the biggest monthly increase since last August.?

The May single-family home average price rose 8.5 percent year-over-year to $237,083, the highest level ever in Houston. The median price?the figure at which half of the homes sold for more and half sold for less?rose 7.1 percent to $168,000, which is also a record high."

MP: With home prices at historical highs and sales volume at the highest level in four years, I think we can conclude that the Houston real estate market has made a full recovery from the real estate crash, mortgage meltdown and financial crisis.??

Update: Pittsburgh is not doing too badly either, with homes sales up 18.1% and the total sales volume up 23.3% compared to the same month in 2011.?

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