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over-year sales.

Lease Property Update

Demand for single-family and townhouse/condominium rentals increased again in December. Single-family home rentals rose 26.2 percent in December compared to a year earlier, while year-over-year townhouse/
condominium rentals were up 24.6 percent.

Real Estate Milestones in
December

Full-year 2008 average single-family home sales price rose 1.0 percent to $208,266;

Single-family home rentals increased 26.2 percent;

Townhouse/condominium rentals increased 24.6 percent;

Fewest single-family active listings since December 2005 (27,612).

Record at RE/MAX of The Woodlands & Spring. “This wait-and-see approach has kept Houston’s rental market strong, and even with December’s lower home prices, we’re maintaining an even keel when you compare Houston to the national picture.”

2008 Annual Market Comparison

For the full-year 2008 Houston housing market, the numbers showed mixed results. There was a 17.3 percent decline in volume of total property sales and total dollar volume tumbled 15.9 percent, which matched the market ’s 2005 full-year total dollar volume. However the average sales price for a single family home in 2008 was $208,266, or a 1.0 percent increase on a year-over-year basis, with the median single-family home price of $152,000 flat compared to 2007.

Single-Family Homes Update

At $192,135, the average sales price for single-family homes dropped 10.4 percent from December 2007, when it was $214,363. The median price of single-family homes in November was $145,000, off 6.1 percent from one year earlier. That compares to the national single-family median price of $180,800 reported by the National Association of REALTORS ®. These data continue to demonstrate the higher value and lower cost of living that prevail in the Houston market.

Townhouse/Condo Update

The number of townhouses and
condominiums sold in December fell compared to one year earlier. In the greater Houston area, 378 units were sold last month versus 498 properties in December 2007, translating to a 24.1 percent decrease in year-

Property sales throughout the greater Houston area ended 2008 as they began, with lower volume following two consecutive record years. Overall property sales fell 16.0 percent last month when compared to December 2007, and sales of single-family homes were down 13.5 percent, according to data compiled by the Houston Association of REALTORS ®. However, the figures show dramatic improvement from November, when both total property and single-family sales volume declined by more than 30 percent.  

Sales of all property types in Houston for December 2008 totaled 5,126, off 16.0 percent compared to December 2007. Total dollar volume for properties sold during the month was $960 million versus $1.2 billion one year earlier, a 24.5 percent decline. Full-year 2008 sales of 69,220 properties produced $14 billion in total dollar volume, which was 15.9 percent lower than the 2007 full-year total dollar volume, but flat in comparison to 2005. Rental properties remained in high demand in December, with leases of single-family homes up 26.2 percent and tow houses/condominiums up 24.6 percent on a year-over-year basis. This continues to suggest that many consumers are opting to rent property instead of purchase until they ’re convinced of meaningful improvement in the economy.

“Lower mortgage rates are a good first step to reviving the real estate market, but many consumers are looking to Washington for the full scope of the economic stimulus plan before committing to major spending, ” said Vicki Fullerton, HAR chair and Broker of