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Rockspring Updates: A New Addition and Houston Home Sales Continuing to Climb

Posted by: In: Newsletter 15 Sep 2012 Comments: 0

By Beau Ryan

Senior Vice President & Chief Operating Officer

We recently hired full-time broker Vonda Crisp to exclusively market the San Antonio Dancing Bear Ranch properties.  Vonda brings more than 14 years of experience in small tract and residential sales to Rockspring Capital.  She also resides in the Dancing Bear neighborhood, which puts her in close proximity to potential purchasers of tracts within the property as well as our neighboring sites in the northwest San Antonio area.

On another note, Houston home sales continued to break records in July, the fourteenth straight month of positive home sales, according to the Houston Association of Realtors.

Sales of all property types in Houston totaled 7,363 in July, up 24.6 percent from July 2011.  Single-family home sales totaled 6,324 — an increase of 27 percent from July 2011. The robust sales activity is keeping local housing inventory at its lowest level in more than five years.

The average price and the median price for single-family homes were also up in July.  The average price increased 3.7 percent year-over-year to $231,484, and the median price was up 6.3 percent to $170,000.  Total dollar volume for all property types sold in July rocketed 29.9 percent from the previous year to nearly $1.6 billion.

Forward-looking indicators also improved in July. Total pending sales at the end of July were up 11.5 percent from the same time last year, which indicates that August’s report will also be a strong one.

This new home activity bodes well for land investors like Rockspring Capital.  As builders continue to burn through their existing lot supply, the demand for land will spike sharply and lead them to look to land holders like us for additional supply.

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