Declining property sales tempered by strong single-family home average and median pricing prevailed across the greater Houston area for the eleventh consecutive month in July, according to statistics released mid-August by the Houston Association of Realtors. Sales of single-family homes slid 12.0 percent on a year over year basis – a smaller decline than the market has experienced in the past two months.

The average price of a single-family home rose by 8.0 percent in July to $226,072, second only to last month's all-time record high of $227,274. The figure represents the biggest jump in average price since June 2006. The median price of a single-family home rose 3.4 percent last month to $161,370, surpassing its previous high of $160,000 in June 2007. Last month HAR reported a record median single-family home sale price of $162,000 for June 2008, however the revised figure for that month is $160,800. The median price is the figure at which half of the homes sold for more and half sold for less.

Sales of all property types for July 2008 totaled 7,052, reflecting a 12.7 percent drop compared to July 2007. Total dollar volume for properties sold during the month was $1.5 billion versus $1.6 billion one year earlier, a 6.7 percent decline.

As we approach the one-year mark from when property sales began to slow, we continue to note positive signs in the form of strong pricing and stabilizing inventory," said Michael Levitin, HAR chairman. "Consumers from across the country and around the world are setting their sights on Houston, Texas as an extremely desirable place to buy a home during these challenging economic times."

Source: Houston Association of Realtors Multiple Listing Service

Mark Fuller

Certified Luxury Home Marketing Specialist