Higher-Priced Houston Homes Sell Well in February

Sales of single-family homes priced at $250,000 and above recorded double-digit gains in February in the Houston area, according to the Houston Association of Realtors. But overall sales slid by 5.5% compared to February 2009. It was the third consecutive month that sales declined in the big Texas market. Sales of houses priced below $80,000 fell 27.5% and sales in the $80,000 to $150,000 price range went unchanged. But in the $250,000 to $500,000 bracket, sales were up 15.8%, and sales over $500,000 climbed 14.9%. Thanks to stronger activity in the upper price ranges, the average price of all sales appreciated for the fifth straight month, reaching $203,271, an increase of 12.3% from 12 months earlier. "We are encouraged by steady activity in the higher-end single-family segment, which has strengthened Houston's already enviable real estate pricing," said HAR chair Margie Dorrance, a principal at Keller Williams Realty Metropolitan. "We expect to see consumer interest extend to the other segments as the spring buying season heats up." Overall, 3,843 properties changed hands in February, but the number of active listings rose 4.3% in February, adding 1,448 properties to the inventory.