• Single-family home sales are 3% below the number of sold units found in November YTD 2006 sales with 64,266 MLS recorded sold units,
• Dollar volume sold in MLS through November YTD 2007 is $13,228,365,175 which is a 1% increase in dollar volume sold over last year.  
• Average sales price YTD is $205,838 or 4% greater than this time last year.  The median sales price, where half the homes sold above and half the homes sold below is $152,000, and that is 2% higher than last year.
• Active listings are up by 14% with 35,363 single-family homes on the market.
• Contracts written, which represent November YTD buyer demand in Houston, are up 2% over this time last year with 46,487 homes that have gone under contract.
• Average sales price per square foot is $90, which is 4% greater than last year. 
• Days on the Market have remained the same since last year and the average time to sell a home in Houston is 77 days.  
• While it is hard to beat 2006, the first peak home sales year in the new Millennium, the Houston market is performing much better than it did in 2005, which was also a robust year for real estate in Houston. 

§         4,960 more units have sold this year than in 2005

§         $2.1 billion more in dollar volume sold than in 2005

§         Average sales price is 9.8% higher than in 2005

§         7.1% higher median sales price than in 2005

§         DOM have declined since 2005 by 4 days

§         Average price per square foot has increased 8%

§         Active listings are up over YTD November 2005 by 15.5%.

The only metric that is not more positive than 2005 is an increase in homes on the market.

• Home price appreciation will slow down in some areas of Houston in 2008 if that specific area’s inventory holds or rises.  However, during all market lulls, it is an opportune time for buyers to buy before home prices increase in future years.  The market is very positive for sellers because waiting to sell will not render much more appreciable value, but net far more saved in maintenance and monthly expenses.
• Due to the rise in inventory, homes that sell will be staged to optimum condition and priced according to the most recent market comparables. 

Data compiled by the Houston Association of Realtors® and written by Toni Nelson, Director of Strategic Initiatives for Prudential Gary Greene, Realtors®.