Houston Association of Realtors Market Report for August 2010

Single Family Home Sales

Houston property sales decline for a second consecutive month following expiration of the homebuyer tax credit. The average price of a single-family home continues to appreciate, reaching its second highest level for an August in Houston

A post-homebuyer tax credit calm prevailed across the greater Houston area for the second straight month in August, with property sales volume down, though not as dramatically as it was in July. Despite the decline, the average price of a single-family home continued to climb.

According to the latest monthly data compiled by the Houston Association of Realtors® (HAR), August sales of single-family homes throughout the Houston market fell 16.7 percent compared to August 2009. Declines were recorded in all pricing segments.

The average price of a single-family home rose 2.2 percent from August 2009 to $216,522. The August single-family home median price—the figure at which half of the homes sold for more and half sold for less—dipped 0.6 percent from one year earlier to $159,000.

Foreclosure property sales reported in the Multiple Listing Service (MLS) dipped 2.4 percent in August compared to one year earlier. The median price of August foreclosure sales slid 1.1 percent to $85,000 on a year-over-year basis.

Sales of all property types in Houston for August totaled 4,977, down 15.3 percent compared to Read the rest of this entry »

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