Houston Area Home Prices Soar In July As Property Sales Record Another Monthly Drop

The average price of a single-family home sees its biggest increase in more than two years; median single-family home pricing hits a record high

HOUSTON — (Aug. 19, 2008) — Declining property sales tempered by strong single-family home average and median pricing prevailed across the greater Houston area for the eleventh consecutive month in July, according to statistics released by the Houston Association of REALTORS® (HAR). Sales of single-family homes slid 12.0 percent on a year over year basis – a smaller decline than the market has experienced in the past two months.

The average price of a single-family home rose by 8.0 percent in July to $226,072, second only to last month’s all-time record high of $227,274. The figure represents the biggest jump in average price since June 2006. The median price of a single-family home rose 3.4 percent last month to $161,370, surpassing its previous high of $160,000 in June 2007. Last month HAR reported a record median single-family home sale price of $162,000 for June 2008, however the revised figure for that month is $160,800. The median price is where half of the homes sold for more and half sold for less.

Sales of all property types for July 2008 totaled 7,052, reflecting a 12.7 percent drop compared to July 2007. Total dollar volume for properties sold during the month was $1.5 billion versus $1.6 billion one year earlier, a 6.7 percent decline.

“As we approach the one-year mark from when property sales began to slow, we continue to note positive signs in the form of strong pricing and stabilizing inventory,” said Michael Levitin, HAR chairman and principal of HTownRealty.com. “Consumers from across the country and around the world are setting their sights on Houston, Texas as an extremely desirable place to buy a home during these challenging economic times.”

July Monthly Market Comparison

All listing categories combined, the month of July brought Houston’s overall housing market a continuation of mixed results. Both average and median single-family home sales price rose on a year-over-year basis, however total property sales and total dollar volume were down.

The number of available homes, or active listings, at the end of July was 53,779 properties, a 1.5 percent increase from July 2007. That’s 13 fewer active listings than June 2008.

Month-end pending sales – those listings expected to close within the next 30 days – totaled 4,758, which was 13.8 percent lower than last year and strongly suggests the likelihood of another sales decline next month. The month’s inventory of single-family homes for July came in at 6.7 months, unchanged from a month earlier. This compares to the July 2007 single-family homes inventory of 6.2 months.

Single-Family Homes Update

At $226,072, the average sales price for single-family homes reached the second highest level on record in July, increasing 8.0 percent from the same period last year when it was $209,264. That’s the biggest pricing increase since June 2006. The overall median price of single-family homes in July was $161,370 compared to the national single-family median price of $206,500 reported by the National Association of REALTORS?. These data continue to underscore the higher value and lower cost of living that prevail in the Houston market.

Source: HAR.

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Some of the newest home products on the market will be on display at the Sixth Annual Fall Home & Garden Show on Saturday, September 6 from 9 am – 7 pm and Sunday, September 7 from 10 am – 6 pm at The Woodlands Waterway Marriott Hotel & Convention Center. Over 200 exhibitors and industry experts will be there. Admission is $9 for adults; $7 for seniors; and children 12 and under are admitted free. For more information, visit www.WoodlandsShows.com.

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According to the July 21, 2008, edition of Pollstar magazine, the concert industry’s leading trade publication, The Cynthia Woods Mitchell Pavilion (photo by Ted Washington) ranked #2 in its listing of top 50 amphitheatres in the world based on the number of tickets sold during the first six months of 2008.  The Pavilion’s ticket sales totaled 112,080 for shows played between January 1 and June 30, 2008.
So far this season, The Pavilion has had five sold-out concerts (15,000+), including Jimmy Buffett April 21, Buzzfest XXI April 26, Kanye West May 2, Roger Waters May 4 and Radiohead May 17.  Other concerts with attendance over 10,000 include the Police May 20 and Iron Maiden May 22.
“We have had an incredible year so far in 2008. The quality and variety of shows we have presented has been fantastic,” said Jerry MacDonald, president and CEO of The Pavilion.  “I attribute the strong showing to the vibrant Houston market and our booking partnership with Live Nation. Our facility is a wonderful way to experience concerts and our location is one of the keys to our success.”

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Houston’s Texas Medical Center is known the world over for its team of specialists, cutting-edge technology, leading scientific advances, and … traffic(?).

Area residents know that urban sprawl is a fact of local life.  And because employees of this renowned healthcare hub have saved millions of lives throughout its distinguished history, the center’s reputation as a top-notch healing sciences compound ensures that it is always heavily traversed.  However, mass transit carpooling, an economically and environmentally sensible alternative to costly gas and parking fees, has never been an option for Fort Bend County employees and residents; instead, estimated and exhorbitant charges averaging nearly $500.00 a month have always been the norm for regular commuters.

But come this August, Fort Bend County employees, patients, and visitors alike can all enjoy non-stop shuttle service to the the Texas Medical Center for as little as $5.00 round-trip! In a boon to the environment (and pocketbooks!), county commissioners recently approved an agreement to implement Park and Ride Services to the Texas Medical Center from various Fort Bend destinations.  Gone are the days of navigating congested freeways solo and stressing about a parking spot; Fort Bend County commuters can now sit back and enjoy the ride!

To learn additional information regarding upcoming service and specifics, click on the following link:

http://www.fortbendstar.com/070908/n_Commissioners%20approve%20new%20Fort%20Bend%20Park%20and%20Ride%20for%20employees%20of%20Texas%20Medical%20Center.htm

*click here for image copywright info attribution and licensing/ distribution info

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Such are a few of the features that have landed this Houston-area neighborhood among CNN Money’s 2008 list of affordable real estate areas.  See their complete rankings of “Where Homes Are Affordable” here.

With many three bedroom homes selling for as little as under $100,000.00, it’s easy to see why even national media has ranked this local community as one of the best values in the Houston/ Fort Bend County area.

 To learn more about Mission Bend and its recent honor, click here to contact the author.

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With two cities in its top 100 rankings, it’s no great surprise that Fort Bend has also made CNN Money Magazine’s top 25 list of counties boasting the greatest job growth.

In their August 2008 compilation of “Where the Jobs Are”,  CNN cites such noted Fort Bend County employers as FBISD and Fluor Corp in their ratings index.

 Find out what national newsmakers are talking about! To learn more about Fort Bend County and its many opportunities, click here to contact the author!

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With *13* appearances– more than any other state– Texas leads the pack of the best of the best.

This year’s August 2008 issue, presently on newsstands, is jam-packed with in-depth comparisons ranking cities on everything from the expected (public school performance) to the extravagant (money spent on vacations!).  And to no great surprise, Fort Bend County earns a double feature in this year’s compilations!

Both repeat showings, Missouri City (#56) and Sugar Land (#64) scored among the magazine’s top 100 Best Places to Live in America.  Easy proximity to Houston, cultural attractions, and, of course, affordable real estate, make both of these Fort Bend suburbs an ideal setting in which to build a life.  Congratulations Fort Bend!

CNN Money’s complete list of cities is available here.  And click here to contact the author and learn more about the opportunities available in these exciting Fort Bend communities!  

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The Woodlands real estate market is performing beautifully right now… the absorption rate is a rocketing 3.2 months!!! This is formidable when one considers the backdrop against which this is occurring… national price drops, sub-prime chaos, oil-price shocks and extreme stock-market volatility. Sellers are also achieving very good prices relative to asking price… a less than 3% difference which is a very full price in most situations. The slight blemish is the days on market (DOM)… it would have been really nice if that number is a little lower… waiting around 80 days to sell a home is a little longer than one would expect in a market with such a fast absorption rate.

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Just like The Woodlands, Sugar Land has had a pretty phenomenal June… pushing the absorption rate down to an incredible 3.9 months!!! Realtors are doing a great job here in closing deals in what many are thinking is a tough market. Notice how sellers are accepting price reductions of up to 6% to close the deal and move on. A very practical, “can do” society in Sugar Land… it’s time to work and move to a new job and nothing is going to slow us down!!

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Katy has had a very good June… the absorption rate is down to a very attractive 4.5 months. Not quite as active as The Woodlands and Sugar Land but a very good result nevertheless. Compared to Sugar Land, the Katy owners are not discounting nearly as much…. Sugar Land’s sell price vs list price was 94% so Katy sellers are doing much better at 97%. It’s taking around 88 days to sell though which is not all that speedy!

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