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Home prices continue to rise in the hot Houston market.
Reflecting patterns seen in other recovering housing markets, Houston's affordable and luxury real estate sales picked up in June while mid-range sales declined, according to the Houston Association of Realtors.
The HAR reports that sales of properties in the $80,000 to $250,000 range showed a year-over-year decline in June, but brisk activity outside that range resulted in sales of single-family homes going up 0.6 percent overall since June 2010.
Recent DataQuick numbers showed this same phenomenon occurring in Southern California markets like San Diego and Los Angeles. But while luxury and budget sales are outpacing mid-range sales in those locales, sales volumes remain below 2010 levels.
Houston is bucking national pricing trends, having posted a record-high average price of $228,650 for a single-family home in June. This was 3.7 percent greater than the June 2010 average price. Clear Capital recently predicted sales prices will decline 1.3 percent in the South and 2.4 percent nationwide by the end of the year.
The positive movement in the Houston housing market makes sense, given many recent reports singling it out as a relocation hotspot. Capgemini Consulting recently announced Houston's population of wealthy individuals increased 9.6 percent in 2010.