Accroding to HAR.com (Houston Association of Realtors), the month of May brought Houston Real Estate some real Milestones. In May Houston’s Real Estate market experienced the following:
- Second highest average single-family home sales price ($214,732);
- Highest average and median sales prices for townhouses/condominiums;
- Largest number of single-family home sales since August 2007;
- Largest number of townhouse/condominium sales since August 2007;
- Sales of single-family homes below $80,000 continued to rise by 12.6 percent;
- Lowest Days on Market since September 2007.
The Days on Market (DOM) statistic for May dropped to 78 from 84 a month earlier, slightly exceeding the 72 days registered in May 2007. The DOM is at its lowest level since last September.
Sales of all property types for May 2008 totaled 7,110, reflecting a 17.1 percent drop compared to May 2007. Total dollar volume for properties sold during the month was recorded at $1.4 billion versus $1.7 billion one year earlier, a 14.9 percent decline.
“Appreciating home prices remain the bright spot in our monthly report of property sales activity in the Houston market, with homeowners deriving solid value from their properties,” said Michael Levitin, HAR chairman and principal of HTownRealty.com. “Buyers are benefiting from an attractive selection of housing inventory from which to choose along with historically low interest rates. We continue to look forward to the start of a turnaround in overall sales performance later this year.”
