The Houston real estate market saw healthy gains last month, as sales volume and average and median sales prices experienced increases on a year-over-year basis. According to statistics released mid-August by the Houston Association of Realtors Multiple Listing Service, particular strength was seen in the $400,000+ home market. That market experienced a 29.2 percent increase in sales, comparing July 2005 to July 2004.

Total property sales for the month totaled 7,680, for a 10 percent increase over the same month in the previous year. Properties sold in July 2005 totalled more than $1.4 billion, a 19.8 percent increase over last July’s $1.2 billion.

Year-to-date total property sales stand at 45,477, representing an increase of 8.1 percent over the same period in 2004.

“Houston’s real estate market continues to exhibit the steady price appreciation and increased sales activity levels that are needed to keep the market in equilibrium,” said Toni C. Nelson, HAR Chairwoman. “This summer selling season has seen tremendous activity, as more homebuyers and sellers are taking advantage of the still historically low interest rates and strength in the local economy. Thousands of Houstonians are now experiencing the dream of homeownership for the first time, which is one of the primary goals of the Realtor profession.”

Source: Houston Association of Realtors