Pricing remained stable for homes in Houston for the month of October despite a decline in housing sales for the fourth straight month. While this news may seem like the good mixed with the bad, there are other highlights to consider. The average price of single-family homes in Houston for this past October (2010) was up 5.6 percent to $208,459 when compared to one year (2009) earlier. That is the highest level ever recorded for an October in Houston. The median sales price at $150,000 for single-family homes edged up slightly 0.7 percent versus October 2009, still achieving its highest level for an October in Houston. The national single-family median price reported by NAR is $172,600. This continues to illustrate the higher value and lower cost of living that consumers enjoy in the Houston housing marketplace.

Even more sunny news for Houston, the Houston Multiple Listing Service (MLS) reported a decline of 13.4 percent for foreclosure property sales compared to October 2009 one year earlier. Foreclosures comprised 21.9 percent of all property sales in October—unchanged from the month before and generally consistent with the levels they have maintained for much of the year. The median price of October foreclosures dropped 8.5 percent to $80,550 on a year-over-year basis.

Here is what John Mendel and the 2010 Chair for the Houston MLS Margie Dorrance had to say about the Houston Housing Market for October 2010...

 

October Monthly Market Comparison
CATEGORIES October 2009 October 2010 PERCENT CHANGE
Total property sales 5,777 4,404 -23.8%
Total dollar volume $1,095,994,570 $873,412,880 -20.3%
Total active listings 45,424 53,039 16.8%
Total pending sales 3,673 2,821 -23.2%
Single-family home sales 4,877 3,739 -23.3%
Single-family average sales price $197,445 $208,459 5.6%
Single-family median sales price $149,000 $150,000 0.7%
Months inventory* 6.1 7.7 25.8%
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market. Source HAR.com

Read the full MLS Press Release here.