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Economic armegeddon weighs on area property sales
Rising unemployment, a huge jump in foreclosures and banks unwilling to lend have put the crunch on both property sales and home prices in the Houston area.
According to data prepared by the Houston Association of Realtors, property sales in February fell a whopping 26 percent compared to the same period last year while the average price of a single family home slid 10.5 percent to $182,316.
While year over year numbers look bleak, February's total sales of 3,995 and the $182,316 average single family home price represent a 23 and 11 percent increase respectively over January figures.
Sales of foreclosed properties, which usually sell well below market value, made up 28 percent of all sales, dragging down both average and median prices.
Look for more of the same in March with pending sales and active listings way down from months prior. Though there are bargains to be had, with 401ks diminishing and more layoffs looming, potential home buyers are content to sit back and wait for the smoke to clear.
| ALL CATEGORIES | February 2008 | February 2009 | PERCENT CHANGE | | Total property sales | 5,388 | 3,995 | 25.9% | | Total dollar volume | $1,065,425,047 | $700,907,442 | -33.4% | | Average single-family sales price | $203,797 | $182,316 | -10.5% | | Median single-family sales price | $151,000 | $138,970 | -8.0% | | Total active listings | 51,308 | 44,747 | -12.8% | | Total pending sales | 4,323 | 3,227 | -25.4% | | Months inventory* | 6.1 | 5.9 | -2.8% | | | * Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market. |
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