Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®
|MLS Report for January 2009|
The Houston Real Estate Market Opens 2009 With Weakened Performance As The U.S. Recession Drags On
Foreclosures weigh January home prices down; rental demand grows
HOUSTON (Feb 17, 2009) Property sales throughout the greater Houston area stayed in negative territory during the first month of 2009, reflecting the lingering effects the nations recession is having on consumer confidence. Overall January property sales fell 26.4 percent compared to January 2008, and sales of single-family homes declined by 22.7 percent, according to new monthly data compiled by the Houston Association of REALTORS® (HAR).
The average price of a single-family home in Houston dropped 12.8 percent last month to $164,922 compared to January 2008. At $127,850, the January single-family home median price the figure at which half of the homes sold for more and half sold for less fell 8.5 percent year-over-year. January marked the fourth consecutive month of price declines.
However, the number of available properties, or active listings, at the end of January fell 12.9 percent from January 2008 to 44,178. That is 430 more active listings than December 2008 and considered an indication that inventory levels remain balanced.
|* 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, January sales of single-family homes in Houston came in at 2,827, down 22.7 percent from January 2008 and accounting for the 17th consecutive monthly drop. Year-over-year sales of single-family homes priced at $80,000 and below rose 11.2 percent in January, fueled largely by foreclosure-related transactions.
HAR also reports existing home statistics for the single-family home segment of the real estate market. In January 2009, existing single-family home sales totaled 2,367, a 19.6 percent decrease from January 2008. At $147,646, the average sales price for existing homes in the Houston area fell 14.5 percent compared to last year. The median sales price of $117,000 for the month was also down 8.6 percent from one year earlier.
The average price of a townhouse/condominium dipped to $153,773, down 3.2 percent from one year earlier. The median price dropped 2.1 percent to $125,000 from January 2008 to January 2009.
Lease Property Update
Houston Real Estate Milestones in January
Sales of single-family homes priced at or below $80,000 increased 11.2 percent, driven largely by foreclosure activity;
Single-family home rentals rose 4.8 percent;
Townhouse/condominium rentals increased 17.0 percent;
Months inventory of single-family homes remained unchanged from December 2008, holding at the lowest level since March 2007 (5.7 months) and nearly half the national average of approximately 10 months;
Active listings fell 12.9 percent, representing a balanced supply of housing inventory.
|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.