March 2008 Sales | ||||||||||||||||||||||||||||||||
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 |
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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). |
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* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market. | ||||||||||||||||||||||||||||||||
Single-Family Homes Update The average sales price for single-family homes was $208,140 in March, up 2.0 percent versus the same period last year when it was $204,088. The overall median price of single-family homes in March was $151,000 compared to the national single- family median price of $193,900, according to statistics released by the National Association of REALTORS®. These data continue to illustrate the higher value and lower cost of living found in the Houston market. Additionally, total March sales of single-family homes in Houston came in at 5,113, which was 16.4 percent lower than March 2007 and the steepest decline since sales began to slide last September. Improved year-over-year sales activity continued in Houstons low-end single-family home markets, with a 4.1 percent increase among homes priced below $80,000. However, after enjoying monthly gains since last fall, sales of homes priced above $500,000 fell 15.7 percent in March. HAR also reports existing home statistics for the single-family home segment of the real estate market. In March 2008, existing single-family home sales totaled 4,206, which was a 15.7 percent drop from March 2007. At $190,954, the average sales price for existing homes in the Houston area rose 1.4 percent compared to the same period last year. The median sales price of $140,000 for the month was unchanged from last years level. The Days on Market statistic for March dropped to 87 from 92 a month earlier but exceeded the 80 days recorded in March 2007. Houston Real Estate Milestones in March
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The computerized Multiple Listing Service of the Houston Association of Realtors® includes residential properties and new homes listed by 26,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 53,000 properties may be found on the Internet at https://www.har.com. The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants. The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.) Founded in 1918, the Houston Association of Realtors® (HAR) is a 27,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual membership trade association in Houston, as well as the second largest local association/board of Realtors® in the United States. |