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Houston median home price hits all-time high

by Allison Wollam
Houston Business Journal

The median sales price of single-family homes in the Houston area reached its highest level ever in June — at the same time as the local housing market recorded its 22nd consecutive monthly drop in home sales.

Sales of single-family homes in Houston in June totaled 5,422, the highest number since August 2008, according to statistics released by the Houston Association of Realtors.

At $164,500, the median sales price rose 2.8 percent compared with June 2008, when it was $160,050. The national single-family median price reported by the National Association of Realtors is $173,000.

“The Houston real estate market has shown incremental improvement each month this year, both in terms of sales volume and the pricing stability that others around the country envy,” said Vicki Fullerton, HAR chair and broker of record at Re/Max of The Woodlands & Spring.

She noted that seasonal spring home buying, particularly among first-time home buyers who are taking advantage of the government’s $8,000 tax credit and historically low interest rates, accounts for most of the June sales activity.