Single-family home sales for March were down compared to the same month last year for the first time since 2004 in the Houston real estate market, but it was still the second highest number of sales ever recorded for the month of March and a 23.3 percent increase from last month. In fact, the “adjustment” is likely more a sign of an aberrantly high volume March 2006 than a correction in the current housing market.
Housing in the Houston region has avoided the more pronounced drops experienced by most other major US metropolitan markets. Experts are watching Houston's real estate market, however, for an increasing number of local foreclosures which, combined with stringent lending standards, may eventually slowdown the remarkable sales volume that has spanned the last five years.
Houston total property sales for March 2007 reached 7,267, representing a 9.6 percent decrease over March 2006. Properties sold during the month reached a total of more than $1.4 billion, a 2.0 percent decrease compared to last year’s nearly $1.5 billion in March sales.
The median home price for a single-family home reached a monthly record for March of $150,590, and the average single-family home price came in at $205,815, representing increases from last year of 5.2 and 7.1 percent, respectively.
Source: Houston Association of Realtors
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