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November marked the third straight month in which property sales volume and pricing recorded gains. According to the monthly data released mid-December by the Houston Association of Realtors (HAR), November volume of single-family home sales across the greater Houston area rose 32.8 percent compared to November 2008. Total property sales climbed 37.1 percent in November on a year-over-year basis.
In addition to the comparative affects on sales data from last year's natural disaster and economic recession, HAR member Realtors report that at least some of the month's home-buying activity can be attributed to consumers scurrying to beat the original November 30 homebuyer tax credit deadline before Congress voted to extend and expand the program.
At $150,000, the November single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 8.7 percent from one year earlier, representing the seventh straight monthly increase in median price. The average price of a single-family home in Houston was $198,948, up 6.7 percent last month versus November 2008. The median price reached the highest level ever for a month of November in Houston.
Foreclosure property sales continued to decline in November, making up 15.8 percent of all single-family home sales in the Houston area compared to 27.4 percent in November 2008 and the 12-month peak of 34.0 percent in January of this year. The median price of November foreclosure sales reported in the Multiple Listing Service (MLS) rose 9.5 percent to $93,000 on a year-over-year basis.
Sales of all property types in Houston for November totaled 5,353, up 37.1 percent compared to November 2008. Total dollar volume for properties sold during the month was $1.0 billion versus $714 million one year earlier, representing an increase of 44.5 percent.
"This is the third month in a row in which a year-over-year comparison exaggerates the local housing landscape because Hurricane Ike continued to hurt the Houston real estate market last November," said Vicki Fullerton, HAR chairwoman. "We are very encouraged that property sales activity appears to be close to levels reached right before the recession took hold, and expect more realistic year-over-year data in the months ahead so we can again compare apples to apples."