Houston’s Real Estate Market Shows Continued Pricing Strength In April Despite A Lingering Sales Slowdown

The average single-family home sales price increases for a third straight month to the highest level ever for the month of April

HOUSTON — (May 20, 2008) — Sales of single-family homes across greater Houston slid in April, but the average price of those homes increased for a third straight month to the highest level ever for the month of April and 2008, according to statistics released by the Houston Association of REALTORS® (HAR). The average price surpassed its level in April of 2007, the second best year on record. Single-family home sales fell 11.0 percent on a year over year basis.

The average price of a single-family home rose by 0.9 percent last month to $207,270 from $205,490 in April 2007. The median price of a single-family home was stable at $150,000. Sales of all property types for April 2008 totaled 6,432, which represents a 12.8 percent drop compared to April 2007. Total dollar volume for properties sold during the month was recorded at $1.3 billion versus $1.4 billion one year earlier, a 9.9 percent decline.

“Coming off of two consecutive record years, the Houston real estate market is demonstrating relative stability while other cities continue to suffer dramatic declines in both sales and pricing,” said Michael Levitin, HAR chairman and principal of HTownRealty.com. “We avoided a bubble thanks to Houston’s history of moderate growth in home values. The healthy local job market and diverse economy have created dynamics that are conducive to a faster recovery and we anticipate conditions to improve in the second half of the year.”

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source: HAR