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Amid downturn, hope 'springs' eternal
After months of a seemingly endless stream of economic gloom and doom, a shiny beacon of hope emerged on the horizon. The annual tradition of the arrival of spring proved once again to coincide with an increase in real estate transactions. Sales volume reached its second highest level of the year and average and median home prices rose to levels not seen since September of 2008.
According to a report prepared by the Houston Association of Realtors, the uptick in April sales and prices did little to halt the slide as overall property sales were down 24 percent compared with the same time frame a year ago.
Properties in foreclosure, which typically sell for less than market value, made up almost 24 percent of the total single-family homes sold in the month of April. A high number to be sure, but a far cry from the 34 percent in January.
The months inventory mark remained steady at 6.1 months from March to April but is down from 6.4 months a year ago.
With prices beginning to stabilize and interest rates historically low, there may not be a better time to buy. Unless of course the government passes legislation being bandied about that will help the first time homebuyer apply that $8000 tax credit to a downpayment.
| ALL CATEGORIES | April 2008 | April 2009 | PERCENT CHANGE | | Total property sales | 6,473 | 4,898 | -24.3% | | Total dollar volume | $1,294,776,552 | $920,044,103 | -28.9% | | Average single-family sales price | $206,239 | $194,222 | -5.8% | | Median single-family sales price | $150,000 | $149,050 | -8.0% | | Total active listings | 53,080 | 45,269 | -14.7% | | Total pending sales | 4,935 | 3,685 | -25.3% | | Months inventory* | 6.4 | 6.1 | -5.7% | | | * 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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