Jun. 29, 2007 - Houston sales churning into summer

Single-family home sales in May declined compared to the same month last year, reversing April’s modest gain, but year-to-date sales are still in positive territory. Prices last month continued to show strength, as both the median and average sales price extended recent growth trends. The much-reported problems in the sub-prime lending market, as well as resultant differences in price classes of properties have been cited as possible contributors to the lower sales levels.

Sales of those homes in the $80,000 to $140,000 price range, which made up 31.9 percent of sales in May, were down 8.3 percent versus the same period last year. Conversely, sales of homes sold for more than $500,000 showed a 14.6 percent increase in activity.

Total property sales for the month registered 8,532, which was a 1.2 percent decrease versus May 2006. Properties sold during the month reached a total of more than $1.7 billion, a 4.6 percent increase compared to last year’s nearly $1.7 billion in May sales.

Additionally, the median home price for a single-family home reached a monthly record for May of $155,000, and the average single-family home price came in at $214,540, increases from last year of 2.0 and 5.5 percent, respectively. The average sales price figure is an all-time high for the greater Houston area.

Source: Houston Association of Realtors