Houston Luxury Home Sales Surge, Overall Market Dips

According to Houston Biz Journal,

Luxury home sales in the Houston area surged last month in comparison with February 2010.

The sale of luxury homes also elevated the average and median single-family home price to the highest level ever for a February, according to findings released Tuesday by the Houston Association of Realtors based on monthly multiple listing service data.

A total of 208 homes priced at $500,000 and above traded last month in the Houston area, up 28.4 percent from 162 homes sold in February 2010 in the same price range.

The single-family median sales price rose to $151,900, 3.9 percent higher than the $146,200 median price in February 2010.

Sales in the high-end and low-end portion of the market rose last month, but overall home sales dropped again last month following an increase in January that was the first uptick in seven months.

A total of 3,257 single-family homes sold last month, a 2.2 percent decrease from the February 2010 results. The average price for a single-family home was $214,039 last month, 6.6 percent higher than the $200,867 average recorded in February 2010.

A total of 21.5 percent of all property sales last month were foreclosures with a median price of $79,000.

The percentage of foreclosure sales dropped from January, when they made up 24.7 percent of all property sales.

Read more: Houston luxury home sales surge, overall market dips | Houston Business Journal 

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