Houston and The Woodlands Texas Real Estate HAR Home Milestones

According to the newest press release from HAR, Houston Area Realtors, Texas Real Estate Service (Multiple Listing Service of the Houston Association of Realtors® includes residential properties and new homes listed by 26,000 Realtors):

Declining property sales tempered by strong single-family home average and median pricing prevailed across the greater Houston area for the eleventh consecutive month in July, according to statistics released by the Houston Association of REALTORS® (HAR). Sales of single-family homes slid 12.0 percent on a year over year basis - a smaller decline than the market has experienced in the past two months.

The average price of a single-family home rose by 8.0 percent in July to $226,072, second only to last month's all-time record high of $227,274. The figure represents the biggest jump in average price since June 2006. The median price of a single-family home rose 3.4 percent last month to $161,370, surpassing its previous high of $160,000 in June 2007. Last month HAR reported a record median single-family home sale price of $162,000 for June 2008, however the revised figure for that month is $160,800. The median price is where half of the homes sold for more and half sold for less.

Sales of all property types for July 2008 totaled 7,052, reflecting a 12.7 percent drop compared to July 2007. Total dollar volume for properties sold during the month was $1.5 billion versus $1.6 billion one year earlier, a 6.7 percent decline.

"As we approach the one-year mark from when property sales began to slow, we continue to note positive signs in the form of strong pricing and stabilizing inventory," said Michael Levitin, HAR chairman and principal of HTownRealty.com. "Consumers from across the country and around the world are setting their sights on Houston, Texas as an extremely desirable place to buy a home during these challenging economic times."

July Monthly Market Comparison

All listing categories combined, the month of July brought Houston's overall housing market a continuation of mixed results. Both average and median single-family home sales price rose on a year-over-year basis, however total property sales and total dollar volume were down. 

The number of available homes, or active listings, at the end of July was 53,779 properties, a 1.5 percent increase from July 2007. That's 13 fewer active listings than June 2008.

The Days on Market (DOM) statistic for July increased to 83 from the 72 days registered in July 2007.

Townhouse/Condo Update

The average price of a townhouse/condominium in the greater Houston area increased to $166,547, up 4.7 percent from one year earlier and the highest figure for the month of July. The median price rose 11.0 percent to $135,000 from July 2007 to 2008. That figure is also a high for the month of July.

The number of townhouses and condominiums sold in July was down from one year earlier. In the greater Houston area, 595 units were sold last month versus 658 properties in July 2007, translating to a 9.6 percent decrease in year-over-year sales.

Houston Real Estate Milestones in July

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.)