January saw the Houston area housing market continue to weaken with sales volumes hitting their lowest level in three years and prices showing signs of softness.
Single family home sales were down 12 per cent from last year. This follows a 16 per cent decline in December 2007.
Prices declined to their lowest level since January 2006. The median price of $139,000 represents a 2.8 percent reduction, the first monthly decline since August 2004.
Homes are staying on the market longer. In January the average for the Houston area was 92 days, beating last years record level of 81 days by a substantial margin.
Lower priced homes ($80,000 to $150,000) which make up over one-third of the Houston market, showed the biggest volume decline with almost 20 percent less homes sold in January then last year at this time.
These declines are obviously a result of the overall national mortgage crisis and the resulting national housing slump.
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... blogging from Kingwood, TX
