Would you guess the real estate market peaked over 2 years ago?  According to WSJ.com the national housing market hit its peak in Q4 of 2005.  Just over two years ago. Since then the real estate market in most parts of the country has remained relatively flat or has fallen. 

Our area, Beaumont-Port Arthur, is one of the few that has bucked the national trend.  The median price of homes in our area according to The Wall Street Journal On-line is approximately $120,000.  Beaumont’s median price is closer to $150,000 according to information from the Beaumont Board of Realtors.  However, the good news is our housing market is still showing upward movement in pricing.  Prices now are 111% of what they were during the market peak in Q4 of 2005.

The Texas A&M Real Estate Center keeps track of the number of residential building permits for all Texas counties.  Beaumont builders pulled 23 permits in the month of November 2007.  This is an increase from the monthly average of 2007 by 32%.  It looks like the builders still believe there is plenty of growth left in our market.  The average price of new construction has been going up as of late.  One report sited an average price of new construction to be in the $200,000-$300,000 range.  If the trend continues with new construction prices going up this will also help keep prices in the resale market going up.

While most of the country may have seen a peak in their homes value back in Q4 of 2005, most Beaumont homeowners are most likely still enjoying the climb.