HOUSTON — (Sept. 23, 2008) — Property sales across the greater Houston area suffered the biggest year-to-year decline ever in August, according to statistics released by the Houston Association of REALTORS® (HAR). August, which marked the twelfth consecutive monthly drop, saw sales of single-family homes slide 20.1 percent on a year- over-year basis.
However, home values remained the bright spot in the HAR monthly report. The average price of a single-family home rose by 4.3 percent in August to $223,933, the third highest level on record. The median price of a single-family home rose 0.6 percent last month to $160,000, tying the third highest level originally established in June 2007. The median price is where half of the homes sold for more and half sold for less.
Sales of all property types for August 2008 totaled 6,641, reflecting a 20.8 percent drop compared to August 2007. Total dollar volume for properties sold during the month was $1.4 billion versus $1.7 billion one year earlier, a 16.9 percent decline.
“The disappointing sales numbers for August indicate that consumers are taking a conservative approach to the real estate market and may continue to do so until after the presidential election,” said Michael Levitin, HAR chairman and principal of HTownRealty.com. “The federal government’s bailout plan for the financial markets, beginning earlier this month with mortgage giants Fannie Mae and Freddie Mac, should help boost consumer confidence. However, the devastating effects of Hurricane Ike have left many throughout the greater Houston area struggling to rebuild their homes and lives, which may well mean a further sales slowdown.”
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