Existing homes sales fell for the fourth consecutive month in the Houston area in October, the local Realtor group reported.
On a year-over year basis, sales in October were down 23.3% from the same month a year ago, the Houston Association of Realtors said. But on a year-to-date basis, sales were off just 4% from 2009 levels, the association said.
On a more positive note, even at the slower pace, some 4,400 houses changed hands during October in the greater Houston region. In addition, the average price of an existing single-family residence in the region rose 5.6% from October ‘09 to $208,459. That’s the highest average price ever recorded in October in the region, HAR reported.
Foreclosure sales dropped 13.4% from a year ago, and the median price of a foreclosure fell 8.5%, to $80,550, over the 12-month period.
“For four months running, Houston has experienced declining home sales, but the silver lining has consistently been the appreciation in pricing,” said HAR Chair Margie Dorrance, a principal at Keller Williams Realty Metropolitan. “We are encouraged to hear that more people are moving to Texas than any other state in the country – as many as 1,200 to 1,400 every month – and with Houston among the more popular urban destinations, local Realtors are hopeful that this will translate into improved sales going into the new year.”
