The Houston residential real estate market continued to play opposite of national trends during February, the most recent period for which the Houston Association of Realtors has compiled statistics from its Multiple Listing Report. In many national markets, prices are skyrocketing as sales decrease. In Houston, the market continues to see strength in both sales and pricing. There were several month-of-February Houston real estate milestones: Highest average sales price for single-family homes; Highest median sales price for single-family homes; Highest dollar volume of sales; and Highest level of pending sales at month end. Total property sales for the month totaled 5,792, a 16.4 percent increase over February 2005.

Properties sold during the month reached nearly $1.1 billion, a 26.4 percent increase. The median home price for a single-family home reached $142,960, and the average home price rose to $191,779, both increases from last year of 4.4 percent and 7.8 percent, respectively. The number of available homes at the end of February was 40,857 properties, a decrease of 3.5 percent versus February 2005 but an increase of approximately 40 properties from the previous month. Month-end pending sales were up 23.5 percent. The month’s inventory of single-family homes for February remained at 5.2 months. The overall median price of single-family homes reached a record for the month of February at $142,960, an increase of 4.4 percent compared to February 2005. The average sales price for single-family homes was $191,779, up 7.8 percent. Houston’s current median price is 31.4 percent less than the national median price.

Additionally, total sales for single-family homes in Houston increased by 14 percent. Existing single-family home sales increased 16.4 percent from February 2005. The median sales price for existing homes in the Houston area was $136,000, an increase of 5.8 percent, while the average sales price for the month of $177,862 was an increase of 6.8 percent.
[Houston Business Journal]