Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 50,000 REALTORS®
MLS Report for February 2009 | ||||||||||||||||||||||||||||||||
Foreclosures Pull Houston Home Prices Down Again In February |
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Month brings declining sales volume and continued demand for rental properties |
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HOUSTON (March 17, 2009) February marked another month of sagging real estate sales and pricing for the greater Houston area, following to a milder degree the trends that have played out around the country since the recession began more than a year ago. Overall February property sales fell 25.9 percent compared to February 2008, and sales of single-family homes declined by 24.6 percent, according to new monthly data prepared 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. | ||||||||||||||||||||||||||||||||
February sales of single-family homes in Houston totaled 3,424, down 24.6 percent from February 2008 and accounting for the 18th consecutive monthly drop. Year-over-year sales of single-family homes priced at $80,000 and below rose 35.4 percent in February, largely the result of foreclosure-related transactions. HAR also reports existing home statistics for the single-family home segment of the real estate market. In February 2009, existing single-family home sales totaled 2,829, a 22.9 percent decrease from February 2008. At $165,897, the average sales price for existing homes in the Houston area fell 11.6 percent compared to last year. The median sales price of $128,000 for the month was also down 8.5 percent from one year earlier. Townhouse/Condo Update The average price of a townhouse/condominium dropped to $149,498, down 7.8 percent from one year earlier. The median price dipped 5.9 percent to $122,300 from February 2008 to February 2009. Lease Property Update Houston Real Estate Milestones in February Sales of single-family homes priced at or below $80,000 jumped 35.4 percent, driven largely by foreclosure activity; Single-family home rentals rose 4.3 percent; Rentals of high rise units increased 192.0 percent; Months inventory of single-family homes fell from 6.1 to 5.7 months, remaining just above half the national average of approximately 10 months; Active listings fell 12.8 percent, representing a generally balanced supply of housing inventory. |
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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. |