MLS Report for February 2010 February Brings Robust Sales Activity to Upper Segments of the Houston Real Estate Market Sales of homes from $250K and above give pricing another boost HOUSTON - (March 16, 2010) The Houston real estate market completed the second month of 2010 showing continued vitality in home prices, thanks to robust sales activity in the upper housing segments. Overall February sales of single-family homes across the greater Houston area slid 5.8 percent compared to February 2009, according to the latest monthly data compiled by the Houston Association of REALTORS® (HAR). When broken out by segment, however, sales of single-family homes priced from $250,000 and above recorded double-digit gains. Sales of all property types declined 7.4 percent in February on a year-over-year basis. The average price of a single-family home appreciated for the fifth straight month, reaching $203,271, up 12.3 percent versus February 2009. At $147,000, the February single-family home median price-the figure at which half of the homes sold for more and half sold for less-rose 6.5 percent from one year earlier. That represents the tenth consecutive monthly increase in median price. Foreclosure property sales reported in the Multiple Listing Service (MLS) fell by 18.7 percent in February compared to one year earlier. The median price of February foreclosure sales rose 7.5 percent to $86,000 on a year-over-year basis. Sales of all property types in Houston for February totaled 3,843, down 4.6 percent compared to February 2009. Total dollar volume for properties sold during the month was $747 million versus $711 million one year earlier, representing a 5.1 percent increase. "We are encouraged by steady homebuying activity in the higher-end single-family segment, which has strengthened Houston's already enviable real estate pricing," said Margie Dorrance, HAR chair and principal at Keller Williams Realty Metropolitan. "We expect to see consumer interest extend to the other segments as the spring homebuying season heats up." February Monthly Market Comparison The month of February brought Houston's overall housing market mixed results when all listing categories are compared to February of 2009. Total property sales declined while total dollar volume and both median and average single-family home sales prices rose on a year-over-year basis. The number of available properties, or active listings, at the end of February rose 4.3 percent from February 2009 to 46,658. That represents 1,448 more active listings than one month earlier, in January 2010, and may reflect increased activity stemming from the federal homebuyer tax credit that expires on April 30. February's month-end pending sales-those listings expected to close within the next 30 days-totaled 3,168, down 1.8 percent from last year. The months inventory of single-family homes for February grew to 6.3 months compared to 5.9 months one year earlier, but remains better than the national months inventory of single-family homes of 7.8 months, reported by the National Association of REALTORS® (NAR).