Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®
|January 2008 Sales|
|2008 OPENS WITH A CONTINUED DECLINE IN HOUSTON PROPERTY SALES|
January sales of single-family homes hit the lowest level in three years while year-over-year average home prices continue to rise
HOUSTON (February 19, 2008) Consumer worries about the nations real estate crunch and the traditionally sluggish Christmas-New Year holiday period combined to slow property sales across greater Houston during the first month of 2008. On the heels of one of the best years on record, January sales of single-family homes dipped to the lowest level since January 2005, according to statistics released by the Houston Association of REALTORS? (HAR).
|* 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 $190,233 in January, up 4.9 percent versus the same period last year when it was $181,282. The overall median price of single-family homes in January was $139,000, the lowest level since January 2005 and 35.1 percent below the national single-family median price of $217,600, according to statistics released by the National Association of REALTORS®. These data continue to demonstrate the higher value and lower cost of living found in the Houston market.
Additionally, total sales of single-family homes in Houston in January came in at 3,620, which was 12.0 percent lower than January 2007 but an improvement over last months 16.5 percent decline.
The most dramatic year-over-year sales activity was observed in Houstons low- and high-end single-family home markets, with increases of 32.5 percent among homes priced below $80,000 and 30.3 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 January 2008, existing single-family home sales totaled 2,980, which was a 10.6 percent drop from January 2007. At $129,900, the median sales price for existing homes in the Houston area was down 2.9 percent compared to the same period last year. The average sales price of $174,737 for the month represented an increase of 3.0 percent from last years level.
The Days on Market statistic for January rose to 92, the longest period since February 2004 and well in excess of the 81 days recorded in January 2007.
At $128,250, the median price in the townhouse/condominium segment in Houston rose 9.6 percent from January 2007 to 2008. The average sales price for which a townhouse or condominium sold in the greater Houston area was $160,455 last month, which was a 9.1 percent year-over-year increase from January 2007.
However, there was a notable downturn in the number of townhouses and condominiums that sold in January. In the greater Houston area, 344 units were sold last month versus 487 properties in January 2007, translating to a 29.4 percent decrease in year-over-year sales.
Houston Real Estate Milestones in January
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.