Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 50,000 REALTORS®
MLS Report for December 2008 | ||||||||||||||||||||||||||||||||
Houston's Real Estate Market Closes The Books On 2008 With Continued Sluggish Sales And Lower Pricing |
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Demand for rental properties soars as consumers await economic relief from Uncle Sam |
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HOUSTON (Jan. 20, 2009) Property sales throughout the greater Houston area ended 2008 as they began, with lower volume following two consecutive record years. Overall property sales fell 16.0 percent last month when compared to December 2007, and sales of single-family homes were down 13.5 percent, according to new monthly data compiled by the Houston Association of REALTORS® (HAR). However, the figures show dramatic improvement from November, when both total property and single-family sales volume declined by more than 30 percent. The average price of a single-family home in Houston dropped 10.4 percent last month to $192,135 compared to December 2007, but rose 1.0 percent to $208,266 on a year-to-date basis. At $145,000, the median price of a single-family home in December fell 6.1 percent year-over-year. The median price represents the figure at which half of the homes sold for more and half sold for less. On a year-to-date basis, the median price was unchanged at $152,000.
December Monthly Market Comparison Month-end pending sales those listings expected to close within the next 30 days totaled 3,290, which was 12.8 percent lower than last year and suggests another likely sales decline next month. The months inventory of single-family homes for December came in at 5.7 months, down 3.1 percent from one year earlier and the lowest level of 2008. |
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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. | ||||||||||||||||||||||||||||||||
Additionally, total December sales of single-family homes in Houston came in at 4,443, down 13.5 percent from December 2007 and the 16th consecutive monthly drop. HAR also reports existing home statistics for the single-family home segment of the real estate market. In December 2008, existing single-family home sales totaled 3,527, an 8.7 percent decrease from December 2007. At $171,774, the average sales price for existing homes in the Houston area fell 11.5 percent compared to last year. The median sales price of $130,000 for the month was also down 6.1 percent from one year earlier. Townhouse/Condo Update The average price of a townhouse/condominium dipped to $167,344, down 3.4 percent from one year earlier. The median price fell 9.7 percent to $125,000 from December 2007 to 2008. Lease Property Update Houston Real Estate Milestones in December Full-year 2008 average single-family home sales price rose 1.0 percent to $208,266; Single-family home rentals increased 26.2 percent; Townhouse/condominium rentals increased 24.6 percent; Lowest months inventory of single-family homes for all of 2008 (5.7 months); Fewest single-family active listings since December 2005 (27,612). |
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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. |