Industry News

Houston home sales, prices hit new highs

Surging inventory may change balance of market
Published on Aug 21, 2006

Houston, Texas, real estate sales climbed from their year-ago levels for the 10th consecutive month in July, setting sales and price records, the Houston Association of Realtors reported. Total property sales, which include single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 7,975 last month, which was a 3.3 percent increase over July 2005 and the highest single-family sales total on record for July. The median home price for a single-family home reached a monthly record for July of $155,890 (after last month's median sales price was revised slightly lower), up 7.5 percent from a year ago. The median is a typical market price where half of the homes sold for more and half sold for less than that figure. "The greater Houston housing market has been tremendous this summer. Whether someone was in the market to buy a home or looking to sell, residents of the region have certainly been keeping Realtors busy," said Lorr...

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