February Brings Robust Sales Activity to Upper Segments of the Houston Real Estate Market

Sales of homes from $250K and above give pricing another boost

HOUSTON ? (March 16, 2010) ? The Houston real estate market completed the second month of 2010 showing continued vitality in home prices, thanks to robust sales activity in the upper housing segments.

Overall February sales of single-family homes across the greater Houston area slid 5.8 percent compared to February 2009, according to the latest monthly data compiled by the Houston Association of REALTORS? (HAR). When broken out by segment, however, sales of single-family homes priced from $250,000 and above recorded double-digit gains. Sales of all property types declined 7.4 percent in February on a year-over-year basis.

The average price of a single-family home appreciated for the fifth straight month, reaching $203,271, up 12.3 percent versus February 2009. At $147,000, the February single-family home median price?the figure at which half of the homes sold for more and half sold for less?rose 6.5 percent from one year earlier. That represents the tenth consecutive monthly increase in median price.

Foreclosure property sales reported in the Multiple Listing Service (MLS) fell by 18.7 percent in February compared to one year earlier. The median price of February foreclosure sales rose 7.5 percent to $86,000 on a year-over-year basis.

Sales of all property types in Houston for February totaled 3,843, down 4.6 percent compared to February 2009. Total dollar volume for properties sold during the month was $747 million versus $711 million one year earlier, representing a 5.1 percent increase.

?We are encouraged by steady homebuying activity in the higher-end single-family segment, which has strengthened Houston?s already enviable real estate pricing,? said Margie Dorrance, HAR chair. ?We expect to see consumer interest extend to the other segments as the spring homebuying season heats up.?