Industry News

Houston real estate rides uptrend

Sales post more double-digit growth, prices set record

The Houston real estate market continued strong in February, as home sales grew for the fifth straight month and the median home price set a record, according to statistics released by the Houston Association of Realtors. Total property sales, which includes single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 5,792 in February, up 16.4 percent from a year ago. The overall median price of single-family homes reached a record for the month of February at $142,960, which was an increase of 4.4 percent compared to the year-ago period. The median is a typical market price where half of the homes sold for more and half sold for less than that figure. Additionally, total sales for single-family homes in Houston increased by 14 percent to 4,648 in February, up from last February's 4,078. Existing single-family home sales totaled 4,020 last month, which was a 16.4 percent increase from February 2005. The median sales pric...