Housing's Weak Year Improving in Houston

Summer homebuying, especially among first-timers, brought a significant improvement to Houston's housing market in July, according to the Houston Association of Realtors. Despite a year-over-year sales decline of 5.1%, the volume of resales was the greatest in 12 months, according to HAR. Better yet, the median price of single-family house sold in the month — $163,000 — was the second highest since the group began compiling such stats, and just $1,500 below the all-time set in June. Moreover, while the average price dipped 1.8% to $220,030, it, too, was the second highest ever. Better yet, perhaps, is the fact that foreclosure sales continued to slow. Duress properties accounted for just 16.6% of all single-family sales in the month, compared to 18% a year ago and 34% as recently as January. In total, 6,744 properties of all types changed hands in July in the greater Houston area. "Strong pricing performance, an easing decline in sales volume and the slowdown of foreclosure sales make for very positive indicators about the state of Houston's real estate market," said HAR Chair Vicki Fullerton, who is broker of record at RE/MAX of The Woodlands & Spring.