REAL ESTATE Appraised property values continue to rise
SUPPLY AND DEMAND According to a Houston Association of Realtors report, residential properties saw a decline in sales since April 2022 in the Greater Houston region, aligning with prepandemic levels.
BY DANIEL WEEKS
home inventory levels: The latest data from the Houston Association of Realtors estimates a 2.7-month supply of homes, which is up from a 1.3-month supply from last year. The months supply measurement estimates the total number of months it would take to deplete cur- rent home supply based on the prior 12 months’ sales activity. According to HAR, being below a three month supply of homes indicates a seller’s market. HAR data indicates the Greater Houston area’s housing market has been a seller’s market since 2012-2013. FBCAD and HCAD reports say low inventory levels and steady demand are a contributing factor to rising residential property values. Despite inventory for housing being low, it has increased since last year. Appeal deadline The deadline to le an appeal for many property owners in Harris and Fort Bend counties passed May 15, before press time. However, some property owners in both counties may still have the opportunity to le a protest of their appraised values. The deadline to submit a protest is either May 15 or 30 days after receiv- ing a valuation notice from either county, whichever comes later. Residents who are still within the 30-day window of receiving their appraised value notice can le appeals online in Harris County at www.hcad.org and in Fort Bend County at www.cad.org/appeals. Late protests can be led for “good cause,” which is determined by an
Properties in Harris and Fort Bend counties overall saw increases in appraised values since the prior year as the region battles inationary pressures and recovers from pan- demic-era supply chain disruptions. The Harris and Fort Bend central appraisal districts mailed property value notices to many of their respective county’s property owners in April. Overall, Harris County residential and commercial property values increased by 16% and 21% year over year, respectively. “We are again seeing a large number of residential and com- mercial properties in Harris County increasing in value this year,” HCAD Chief Appraiser Roland Altinger said in a news release. The release indicates about 96% of homes in the county saw a value increase. Meanwhile, Fort Bend County residential and commercial values increased by 15% and 18% year over year, respectively. FBCAD Chief Appraiser Jordan Wise said through- out the pandemic the county saw an “unprecedented rise in sales volume and price.” “This year, with rising interest rates and ination, sales volume has dropped to prepandemic levels, cre- ating a market that is more balanced than recent history,” Wise said in a news release. The Greater Houston region remains in a seller’s market for residential properties, according to analysis from a 2023 HCAD report. One signal for a seller’s market are
appraisal review board. Property taxes are aected by both property values and property tax rates. Values are appraised at an estimated market value each year, while tax rates are set by local taxing entities, such as counties and school districts. Altinger said the purpose of appraisals is to allocate the tax bur- den fairly across property owners. Wise said the protest process may reduce tax burden. “As a property owner, you know your property best and may have additional information specic to your property or market area. For this reason, the state Legislature cre- ated the protest process to ocially appeal the value set by the appraisal district,” Wise said in a release.
Greater Houston April snapshot
home sales year over
year -18.4%
home sales since prepandemic (2019) -4.7%
average sales price -1.3%
total sales value $3.6B
months home
supply* 2.7
average days on market before sale
55
*MONTHS SUPPLY ESTIMATED THE NUMBER OF MONTHS TO DEPLETE THE SINGLE FAMILY HOME INVENTORY BASED ON SALES ACTIVITY
RISING VALUES
Harris and Fort Bend County property valuations increased overall year over year due to supply shortages, high demand and expensive construction costs from pandemic-related supply chain disruptions.
Warehouses
Residential
Apartments
O ces
Retail
PERCENT CHANGE IN VALUES SINCE 2022
99
290
Harris County Fort Bend County
Harris County: +16% residential +21% commercial
30% 25% 20% 15% 10%
6
10
0% 5%
Fort Bend County: +15% residential +18% commercial
-10% -5%
N
SOURCES: HARRIS COUNTY, FORT BEND COUNTY, HOUSTON ASSOCIATION OF REALTORSCOMMUNITY IMPACT
12 MONTH CERTIFICATE OF DEPOSIT
24 MONTH CERTIFICATE OF DEPOSIT AS HIGH AS
N
4747 FM 1463, Suite 1000 Katy, TX 77494 713.852.6700 TexasBayCU.org
*APY = Annual Percentage Yield. APY accurate as of 05.01.23. Minimum to earn 4.65% APY rate is $1000. Minimum to earn 5.38% APY rate is $50,000. Rates subject to change without notice. Dividends are paid monthly. Fees could reduce earnings. Early withdrawal penalties apply to all certificate accounts.
11
KATY NORTH EDITION • MAY 2023
Powered by FlippingBook