HOUSTON - (February 19, 2008) - Consumer worries about the nation's real estate crunch and the traditionally sluggish Christmas-New Year holiday period combined to slow property sales across greater Houston during the first month of 2008. On the heels of one of the best years on record, January sales of single-family homes dipped to the lowest level since January 2005, according to statistics released by the Houston Association of REALTORS? (HAR).
Total property sales for January 2008 registered 4,353, which represents a 17.2 percent drop compared to January 2007 and marks the fifth consecutive monthly decline; it's an improvement over last month's 23.5 percent fall. Properties sold during the month totaled more than $811 million compared to nearly $890 million in sales one year earlier, an 8.8 percent decline. The average price of a single-family home rose 4.9 percent last month from January 2007 to $190,233, representing the biggest increase since last August. The median price of a single-family home dipped 2.8 percent to $139,000.
"It's not unusual to see a decline in property sales at the beginning of a new year, when consumers are generally recovering from holiday spending," said Michael Levitin, HAR Chairman and principal of HTownRealty.com. "The latest numbers suggest that consumers may also be reacting to news reports about the troubled national real estate landscape, despite the fact that Houston has enjoyed a comparatively robust housing market, thanks largely to local job growth. Home buyers in Houston stand to benefit from low interest rates, affordable pricing and a good selection of inventory."
