Houston Real Estate Market on the Upswing?

The table below shows the difference between the market experienced in February, June and October YTD 2009.   As you can see, as 2009 progresses, the single-family housing market is slowly marching toward a healthier market.

 

Houston Market Improvement Comparison 2009 of Single-Family Homes
Market Indicator	February ‘09	June ‘09	Oct. ‘09	% Change from June ‘09
# units sold	-24%	-20%	-11%	+81%
Dollar volume sold	-33%	-24%	-14%	+71%
Average Sales Price	-12%	-6%	-4%	+50%
Median Sales Price	-8%	-2%	-1%	+50%
# of Pending Sales	-23%	-21%	-14%	+50%
Active Listings	-20%	-22%	-21%	-.46%

A summary of October YTD market statistics compared to last year:

 

• Sales are down from October YTD 2008 by 11% with 45,391 single-family homes.
• Dollar volume sold is down from October YTD 2008 by 14% with $9,202,482,156.
• Average sales price is currently $202,738, down by 4%.
• Median sales price is $153,000, down by 1% [half of the homes sold above and half below this midpoint range.
• # of contracts written [pending] are 31,101 and that represents 14% fewer than found last year.
• Active listings, a metric that is good if on a decline, are currently 27,758 or 21% less than last year.  This is also a metric that in Houston is the exact opposite heard frequently in the national news.

For more detailed information, go to Prudential Gary Greene Blog