A "post-homebuyer tax credit calm." That's what they're calling it in Houston, where sales were down for the second consecutive month in August but the average price of a single-family house continued to climb.
According to the Houston Association of Realtors, single-family home sales in the region fell 16.7% compared to August 2009. Declines were recorded in all pricing segments, the group reported.
At the same time, the average price of a single-family home rose 2.2% from August 12 months ago, to $216,522. The median price, on the other hand, slipped 0.6% from the previous August, to $159,000.
"Our traditionally busy summer home sales months were much quieter because of the early spring home buying push that resulted from the tax credit," said Margie Dorrance, HAR chair and a principal at Keller Williams Realty Metropolitan. "But Houston is still healthier than most other real estate markets around the country."
Foreclosure sales reported in the Houston Multiple Listing Service fell 2.4% over the 12-month period, and the median price of a foreclosure sale dipped 1.1% on a year-over-year basis, to $85,000.
Overall, 4,977 housing units – detached and attached – changed hands in August, down 15.3% from the previous August. Total dollar volume for properties sold during the month was $1 billion versus $1.2 billion one year earlier, a 13.9% drop.
