Single family homes sales across Houston fell again in May while the average sale price of those properties rose for the fourth consecutive month. May sales slid 15.3% from this time last year, and May marked the ninth straight month in a row of decline.
The average price of SFH (single-family homes) rose by .6% last month to $214,732. $155,000 is the median price of SFH for May, representing the highest point for 2008. Closed sales of all property types for May 2008 dropped 17.1% compared to that of May 2007.
According to Michael Levitin, HAR Chairman, "Buyers are benefiting from an attractive selection of housing inventory from which to choose along with historically low interest rates. We continue to look forward to start of a turnaround in overall sales performance later this year."
The bright spot is the appreciation of home prices, these continue to rise, according to monthly HAR reports. This information was provided by Houston Association of Realtors.
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