Houston-area home market continues slide in February - Houston Business Journal:

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Overall, February property sales in the areafell 25.9 percent comparesd to February 2008, and sales of single-family homexs declined by 24.6 percent, accordingb to new monthly data prepared by the . The average prics of a single-family home in Houston droppec 10.5 percent last month to $182,316 compared to Februaryh 2008. At $138,970, the Februargy single-family home median price — the figurw at which half of homes sold for more and half sold for less fell 8percent year-over-year. February markedf the fifth consecutive month ofpricre declines.
Sales of foreclosure properties, whichb typically sell below market continued to drag down home prices last InFebruary 2009, foreclosures made up 28 percengt of all single-family home sales in the Houston area compared to 22.6 percenf a year earlier. However, that is an improvementt from January’s 34 percent foreclosure sharewof single-family homes sales. Part of that is attributef to a 23percent month-over-month increase in overall propertgy sales. Meanwhile, the number of single-familty homes sold in Houston in February was down 24.6 percent from February 2008 and the 18th consecutivd monthly drop. Year-over-year sales of single-family homes priced at $80,000 and beloqw rose 35.
4 percent in February, largel the result of foreclosure-related transactions. Demand for renta properties rose againin February, with leases of single-familt homes up 4.3 percent on a year-over-year basiz and leases of high-rise units up 192 The latter figure tends to be more variable because of the comparativelyy small number of units involved. “Rentals remain a very attractive optiohnfor would-be home buyers throughout the Houston area who may be reluctan t or unable to commity to the purchase of a home at this time,” said Vicko Fullerton, HAR chairwoman and broker of record at RE/MAXc of The Woodlands & Spring.
“Consumers want to see signsd that economic recovery istakingt hold, and despite the recent progress made in Washington, we know that’se not going to happen overnight.”