HAR Releases August Sales Figures
With another decline in total sales, it appears that many home buyers are sitting on the sideline waiting to see what happens in the economy, mortgage rates and maybe even the election in November.
The results for August 2008 from the Houston Assn of Realtors show the month’s total sales as 6,641 of all property types. That’s a 20.8 percent drop from August 2007. The total dollar volume was $1.4 billion, a drop of 16.9% from the $1.7 billion of August 2007.
Once again, prices hold up. The average sales price of a single-family home in August was $223,933, the 3rd highest ever and the median price was $160,000, tying the 3rd highest on record.
Homes in the $80,000 plus price range are still on the increase. There are more foreclosures in this price range and still attracts a number of buyers and investors.
The market for townhomes and condos also saw a decline, but with prices holding strong as well. Sales were down 23.5% from a year ago, while the average price increased to $169,045 and the median price increased to $136,000.
Filed under: Buying, Home Sales, Investing, Selling by Dwight's Real Estate Update