Houston Home Sales Increase a Stunning 30% In August, 2011

According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), August sales of single-family homes climbed 30.2 percent versus one year earlier. This increase follows home sales gains recorded in January, June and July of this year. All segments of the housing market, from the sub-$80,000 to the $500,000 and above, experienced positive sales in August. On a year-to-date basis, sales rose 1.8 percent. Compared to August of 2009, a year with no unusual market influences such as Hurricane Ike in 2008 and the 2010 tax credit, single-family home sales were up 10.4 percent.

"The Houston real estate market's vital signs appear to be quite healthy as we move from the summer buying season into the fall, but we must remain mindful that we are still comparing 2011 home sales to that period last year when transactions slowed dramatically after the tax credit expired," said Carlos P. Bujosa, HAR chairman. "It is encouraging to see how well the August numbers stack up against August of 2009, which was the last 'normal' year for our housing market."

The average price of a single-family home rose 0.7 percent from August 2010 to $217,047, the second highest level for an August in Houston.

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