Apr. 7, 2007 - Houston still safe from national downturns

The greater Houston area real estate market continued to outpace most of the nation and experience growth, although the rate of increase slowed from recent years, according to statistics released late March by the Houston Association of Realtors. Housing in the Houston region has withstood the more pronounced drops experienced by most other major US metropolitan markets.

Total property sales for the month registered 5,991, which was a 2.6 percent increase over February 2006. Properties sold during the month reached a total of more than $1.1 billion, a 5.7 percent increase compared to last year’s nearly $1.0 billion in February sales. Additionally, the median home price for a single-family home reached a monthly record for February of $146,000, and the average single-family home price came in at $195,561, increases from last year of 2.5 and 2.6 percent, respectively.

“With the reports across the country of rising foreclosures and concern about the impact of subprime lending, we in Houston must watch for any indication of a weakening market,” said Rob Cook, HAR Chairman. “Houston is still one of the most solid real estate markets in the country, and we do not anticipate any dramatic downturn locally.”

Source: Houston Association of Realtors