Despite a rough start, the huge Houston housing market ended 2011 solidly in the black.
According to the Houston Association of Realtors, December marked the seventh consecutive month of increased sales. Sales of single-family homes rose 7% compared to December 2010, with positive gains in all pricing segments except for luxury properties priced at half-a-million or more.
December sales of all property types, including apartments and townhouses, totaled 5,460, a gain of 7% from a year earlier. Total dollar volume for properties sold during the month increased 8% year-over-year to $1.16 billion.
On an annualized basis, sales of all property types were up 4% compared to 2010 levels, while total dollar volume rose 5% to $13 billion.
After spending a good part of 2011 struggling to gauge the market, 2011 ended on a very promising note,” said HAR Chairman Wayne Stroman, who heads Stroman Realty.
“Once we distanced ourselves” from the accelerated rate of sales that resulted from the federal homebuyer tax credit, “we saw clear indications of a healthy market with a balanced supply of housing inventory and strong pricing,” Stroman said.
The average price of a single-family home was statistically flat in December at $219,791 compared to 12 months earlier, no doubt held in check by the large number of foreclosure sales.
Properties sold at foreclosure increased 6% in the month, and accounted for 21% of all property sales. The median price of foreclosures ended the year at $82,550.
On an annual basis, the Houston market scored a 4% increase in single-family sales, and a 4% gain when also counting condos and townhouses. On a year-to-date basis, the average price rose 1% to $213,723.
