Real Estate in Houston Shows More Signs of Stability in December

Online, February 1, 2010 (Newswire.com) - The latest Houston Housing market statistics show continued signs or strength compared to other major markets across the country. The median home price of $152,550, indicated a 5.25% increase from the previous year. This continued 8 month increase in median price indicates homes in Houston are withholding their value. The average sales price of a single reached $219,214, which is a 15.1 percent versus December 2008. In the foreclosure market, only 21% of all single family homes sold in December were distressed sales down from 34% in January. This drop shows a decreased supply of foreclosure properties which has a significant effect on the housing market as a whole. While number of months of housing inventory rose slightly from 5.6 to 5.8 months, this number is still well under the national average of 6.5 months.