Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 50,000 REALTORS®
February 2008 Sales | ||||||||||||||||||||||||||||||||
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 |
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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 Januarys. 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). |
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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 $206,140 in February, up 5.6 percent versus the same period last year when it was $195,148. The overall median price of single-family homes in February was $151,430 compared to the national single-family median price of $201,100, 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 sales of single-family homes in Houston in February came in at 4,431, which was 10.2 percent lower than February 2007 but a slight improvement over last months 12 percent decline. Improved year-over-year sales activity continued to be observed in Houstons low- and high-end single-family home markets, with increases of 11.1 percent among homes priced below $80,000 and 11.0 percent among homes priced above $500,000. HAR also reports existing home statistics for the single-family home segment of the real estate market. In February 2008, existing single-family home sales totaled 3,646, which was a 10.0 percent drop from February 2007. At $141,500, the median sales price for existing homes in the Houston area was up 1.8 percent compared to the same period last year. The average sales price of $190,553 for the month represented an increase of 5.0 percent from last years level. The Days on Market statistic for February remained unchanged from 92 a month earlier but in excess of the 84 days recorded in February 2007. Houston Real Estate Milestones in February
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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. |