In August, condominium and townhouse sales spiked on a year-over-year basis, according to the Houston Association of Realtors. Although single-family property sales also gained momentum, the overall growth rate was eclipsed by the demand for townhouse and high-rise property.
During the month, an estimated 600 high-rise and townhouses changed hands, up from 466 in August 2011. This marked a 28.8 percent increase, and local real estate professionals say activity is now at the same pace experienced prior to the beginning of the recession. A lack of available land in the downtown area has caused housing developers to build upward, rather than outward, and these trends could result in additional activity in the near future. Additionally, many consumers anticipate fixed mortgage rates to increase significantly during the course of 2013, which could spur many borrowers to capitalize on the current level of affordability.
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