Industry News

Houston real estate prices hit high in December

Declining inventory reveals seller's market

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The Houston housing market continued to thrive in December, as sales improved and the median single-family home price set a record, the Houston Association of Realtors reported. The overall median price of single-family homes reached an all-time high of $147,000 in December, which was an increase of 6.5 percent compared to the prior year. The median is a typical market price where half of the homes sold for more and half sold for less than that figure. Total property sales, which includes single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 6,809 in December, which was a 7 percent increase over December 2004. Full-year 2005 total property sales reached 78,610, which was an increase of 8.9 percent over the same period in 2004. Additionally, total sales for single-family homes in Houston increased by 5.6 percent to 5,557 in December, up from last year's 5,264. For the full-year 2005, 64,821 single-family homes sold,...