
| February 2008 Sales | ||||||||||||||||||||||||||||||||
| HOUSTON PROPERTY SALES CONTINUE TO SLIDE IN FEBRUARY | ||||||||||||||||||||||||||||||||
| Sixth consecutive monthly decline is tempered by notable increases in average and median single-family home prices | ||||||||||||||||||||||||||||||||
| HOUSTON — (March 18, 2008) — Property sales across greater Houston slid for the sixth consecutive month in February, but the decline was not as steep as January’s. February sales of single-family homes dipped to the lowest level since January 2007, according to statistics released by the Houston Association of REALTORS® (HAR), but the prices of those homes rose. | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
| * Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market. | ||||||||||||||||||||||||||||||||
| Single-Family Homes Update The average sales price for single-family homes was $206,140 in February, up 5.6 percent versus the same period last year when it was $195,148. The overall median price of single-family homes in February was $151,430 compared to the national single-family median price of $201,100, according to statistics released by the National Association of REALTORS®. These data continue to illustrate the higher value and lower cost of living found in the Houston market. Additionally, total sales of single-family homes in Houston in February came in at 4,431, which was 10.2 percent lower than February 2007 but a slight improvement over last month’s 12 percent decline. Improved year-over-year sales activity continued to be observed in Houston’s low- and high-end single-family home markets, with increases of 11.1 percent among homes priced below $80,000 and 11.0 percent among homes priced above $500,000. HAR also reports existing home statistics for the single-family home segment of the real estate market. In February 2008, existing single-family home sales totaled 3,646, which was a 10.0 percent drop from February 2007. At $141,500, the median sales price for existing homes in the Houston area was up 1.8 percent compared to the same period last year. The average sales price of $190,553 for the month represented an increase of 5.0 percent from last year’s level. The Days on Market statistic for February remained unchanged from 92 a month earlier but in excess of the 84 days recorded in February 2007. Houston Real Estate Milestones in February
| ||||||||||||||||||||||||||||||||
| The computerized Multiple Listing Service of the Houston Association of Realtors® includes residential properties and new homes listed by 26,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 53,000 properties may be found on the Internet at http://www.har.com. The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants. The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.) Founded in 1918, the Houston Association of Realtors® (HAR) is a 27,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual membership trade association in Houston, as well as the second largest local association/board of Realtors® in the United States. | ||||||||||||||||||||||||||||||||
The real estate market is all relative. In 2005, we thought real estate could not get any better and yet, year after year, we saw it get better. This year will be better than 2005, however, it is difficult to exceed a record year every year. We are all fortunate to live, work and play in Houston, where real estate is healthy and home values are stable and in some cases, rising. California and Florida would give anything for a market like this!
| Metro Area | Overall Strength of Metro Area | Change in Housing Inventory | Months Supply | Price Change | Employment Outlook |
| Houston | STRONG | 12% | 6 | N/A | STRONG |
Lynch goes on to explain that a top reason to not buy stocks is if you don't own a home-in which case, that should be your first investment, since an owner-occupied home is nearly always profitable. In the article through a spokesman, Lynch reaffirmed the following views to the author of the article, Dan Kadlec:
"When prices are falling, few people have the discipline to buy stocks, a house, gold, art or any other asset. But those who do pull the trigger, excel in the long run. As John D. Rockefeller famously said, "The way to make money is to buy when blood is running in the streets." "
While most would agree that real estate blood is not running in the streets of Houston, there also is no indication of home price deceleration in Houston, as is seen in many parts of the country. There is admittedly, very little home price appreciation. It is the calm before the storm. The President of the Houston-Galveston Area Council projected during a Fort Bend Chamber of Commerce meeting that by 2030, Houston will add population equivalent to the size of the City of Los Angeles and the council is preparing for that growth now. Growth and job opportunities in Houston will continue for some time and within the next 30 years, you can expect real estate to flourish along with that huge influx of population.
Have something you need to sell? Looking for something to buy? Need information about The Woodlands Business Community? Go to Woodlands Online for help!