2009 Starts off a Little Slow, But Inventories in Balance
Sales data from the Houston Assn of Realtors shows that sales of single-family homes dropped to a total of around 2,800 for January 2009 and the average price also dropped to around $164,000. The highest total for single-family sales in the month of January was in 2007 when the total was 4,017. That was up from the 3,648 total in January of ‘06 and then it went down again in January 2008 to 3,620 sales. The average price of a single-family home in January of 2008 was around $190,000. The continued influx of foreclosures are the primary reason for the price decline.
The good news is that the inventory of current mls listings remains lower than average and should help out the balance of buyers vs. number of homes for sale. In some parts of town, there appears to be a shortage of listings.
Filed under: Buying, Home Sales, Investing, Selling by Dwight's Real Estate Update