Median Home Prices in Houston Hit Record High

HOUSTON — (July 21, 2009) — Sales of single-family homes for the greater Houston area continued to improve in June, with the highest volume recorded since August 2008 and the highest median price in history. This comes despite a year-over-year decline in overall property sales of 15.0 percent and 13.5 percent for single-family homes, according to new monthly data compiled by the Houston Association of REALTORS® (HAR).

At $164,500, the June single-family home median price – the figure at which half of the homes sold for more and half sold for less – rose 2.8% from one year earlier to reach an all-time high. The average price of a single-family home in Houston dipped 2.4% last month to $221,783 compared to June 2008. That represents the highest average price since August 2008.

Foreclosure property sales showed further decline, as they have each month this year, making up 16.8% of all single-family home sales in the Houston area in June. That compares to 34% percent in January, 28% in February, 24.5% in March, 23.6% in April and 19.9% in May. The median price of June foreclosure sales reported in the Multiple Listing Service fell 3% from $90,000 to $87,000 on a year-over-year basis.

Houston Chronicle story here, "Houston's median home price hit an all-time high last month, as the market was boosted by seasonal buying, low interest rates and a tax incentive to spur sales."