Houston Property Sales Retreat Further In March

Single-family home prices hold up amid seventh consecutive monthly slide in overall property sales; home sales reach highest level of 2008

HOUSTON — (April 15, 2008) — Total property sales across greater Houston tumbled for the seventh consecutive month in March while sales of single-family homes edged up to the highest level so far this year, according to statistics released by the Houston Association of REALTORS® (HAR). Sales of all property types for March 2008 totaled 6,098, which represents a 17.3 percent drop compared to March 2007. Total dollar volume for properties sold during the month was recorded at $1.2 billion compared to $1.4 billion one year earlier, a 16.7 percent decline. The average price of a single-family home continued to increase, growing by 2.0 percent last month from March 2007 to $208,105. The median price of a single-family home was flat at $151,000. “Home buyers and other consumers are tightening their belts during some of the toughest economic times we’ve experienced in decades,” said Michael Levitin, HAR chairman and principal of HTownRealty.com. “Many of those postponing home purchases are opting to rent for now, while those who have sold homes recently are reaping the rewards of pricing that has held steady even as sales have cooled. Houston continues to fare better than the rest of the country on the housing front and new employment figures show us leading the way with strong, sustainable job growth. Throw in historically low interest rates and Houston’s comparatively low cost of living and there’s every reason to believe that local consumer confidence will improve and help boost the real estate market.”