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Home Prices Rose as Houston Repo Homes for Sale Declined

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By : John Cutts    99 or more times read
As the percentage of Houston repo homes for sale dropped in February this year, home prices fell, based on sales figures from the Houston Association of Realtors.

Sales of foreclosed homes accounted for only 18.7 percent of all Houston houses sold in February this year, compared to foreclosure sales in February last year. This allowed the average price for single-family houses sold in February to rise to $203,271, up by more than 12 percent compared to the average price in February 2009.

The median price for single-family homes also increased year-over-year to $147,000, an increase of 6.5 percent from the price median in February 2009. The median in February this year marked the tenth straight month that the median increased over the previous month.

Another reason for the increase in prices is the huge number of higher-cost houses sold in February this year. According to association data, the sales performance of single-family houses priced $250,000 and above improved tremendously in February. While sales of all types of homes dropped year-over-year in February by 7.4 percent and sales of detached single-family houses fell by 5.8 percent, sales of higher-cost houses shot up by a double-digit percentage.

Additionally, the sales price median for repo homes for sale in Houston in February also surge to $86,000, an increase of 7.5 percent compared to the foreclosure sales median price in February 2009.

Although total home sales volume in February this year dropped by 4.6 percent year-over-year to 3,843 units, the total dollar volume increased by more than 5 percent to $747 million from $711 million a year earlier, as the number of higher-cost homes sold increased this year.

The HAR reported that sales of Houston homes priced in the range $250,000 to $500,000 spiked by 16 percent while sales of houses priced above $500,000 shot up by 15 percent.

According to another report from Associated Press and Re/Max, the Houston metropolitan area had the biggest increase in median prices among all Southern cities in February. The six-percent median price increase to $147,000 in Houston was higher than the nearly 5-percent increase posted by Washington, D.C. The Houston median was also higher than the median price in the South in February, which was $139,600.

Local realtors and real estate sellers hope that the percentage of sales of Houston repo homes for sale continues to fall so that the average and median prices continue with their upward trend.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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