April MLS statistics reverse the decline that began in March
It was a good Month for Houston in home sales! The market is performing well for both buyers and sellers. Here's an excert from the official press release from Houston Association of Realtors:
HOUSTON — (May 10, 2007) – Single-family home sales in April rose compared to April of last year, reversing the first decline in more than three years. Prices last month also continued to show strength, as both the average and median sales prices increased in line with trends seen during the last few years. Perhaps signaling statistical validation of experts’ suggestions that tighter subprime lending standards will have a negative impact on home sales, the primary price range of homes showing sales weakness has been those homes priced at $140,000 or less, according to statistics released by the Houston ssociation of REALTORS®. At the same time, homes in the $400,000-plus range have seen tremendous strength in sales.
Total property sales for the month registered 7,275, which was a 2.7 percent increase over April 2006. Properties sold during the month reached a total of more than $1.4 billion, an 8.5 percent increase compared to last year’s more than $1.3 billion in April sales. Additionally, the median home price for a single-family home reached a monthly record for April of $150,000, and the average single-family home price came in at $205,511, increases from last year of 2.0 and 4.8 percent, respectively.
Click here to read the entire article.
Houston has historically been a very affordable housing market. Subprime changes will affect some buyers' ability to purchase, but the upside of that is it will also help to slow foreclosure rates over time. In general, As noted in a previous post, our local market is performing well.
Good for people to know.
Posted by: Reina | October 25, 2008 at 12:34 AM