Houston: We Have a Problem, But Less of One Than We Did

Despite an overall decline in year-to-year sales and prices in March, the Houston housing market is entering the traditionally strong spring buying season on an upbeat note, according to the Houston Association of Realtors. While single-family home sales in March dropped 16.1% from the same period a year ago, they were up 27.8% from February, HAR reported. The median selling price for Houston area houses fell 4.4% in March to $145,000, but even at that, it was the highest monthly median so far this year. And when foreclosure sales are removed from the analysis, HAR said the median was flat at $168,000. Unfortunately, foreclosures still accounted for one in every four sales in the area in March. But that figure also is lower than the 34% share reported in January and the 28% share noted in February. The median price of repossessed houses that were sold in March was $84,000, an 11.3% dip from $94,700 a year ago. "It's too soon to predict exactly when the Houston real estate market will be in healthier territory, but the recent moderation in sales and pricing trends is an encouraging sign," said Vicki Fullerton, HAR chair and broker of record at RE/MAX of The Woodlands & Spring.