HOUSTON PROPERTY SALES CONTINUE TO SLIDE IN FEBRUARY
Sixth consecutive monthly decline is tempered by notable increases in average and median single-family home prices
HOUSTON — (March 18, 2008) — Property sales across greater Houston slid for the sixth consecutive month in February, but the decline was not as steep as January’s. While February sales of single-family homes dipped, the prices of those homes rose, according to statistics released by the Houston Association of REALTORSâ (HAR). Total property sales for February 2008 registered 5,266, which represents a 13.1 percent drop compared to February 2007; it’s an improvement over last month’s 17.2 percent fall. Properties sold during the month totaled just over $1 billion compared to $1.1 billion in sales one year earlier, a 7.9 percent decline. The average price of a single-family home rose 5.6 percent last month from February 2007 to $206,140, representing the biggest increase since last August. The median price of a single-family home increased 3.1 percent to $151,430. “Houston continues to feel the ripple effects of the national mortgage crisis,” said Michael Levitin, HAR Chairman and principal of HTownRealty.com. “However, many area Realtors are actually reporting brisk sales, which supports our contention that real estate is local, meaning some parts of town are doing well and others not so well. For Sale signs have gone up in many neighborhoods in recent weeks and sales of luxury homes remain high, so we’re hopeful that the overall numbers will soon show signs of improvement. With interest rates at historic lows, pricing that’s affordable and a good selection of inventory, this is still an excellent time for home buyers to invest.”
For full article go to http://www.har.com/mls/dispPressRelease.cfm
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