Optimistic about Houston Home Sales

Home sales in the Houston area fell again in July, but not as much as before. Experts point to the sale of foreclosed homes as the reason. Last month the decline was about half of what it was at the beginning of the year. One realtor says buyers are back out in the marketplace. Pat Hernandez has more.

July marks a significant improvement in the sale of single family homes. This comes despite year-over-year declines of 5.1-percent in overall property sales. Vicki Fullerton chairs the Houston Association of Realtors.

“We are adding fuel to the fire. The recession is showing some real signs of recovery in Houston and every month, we’re continuing to see more information that indicates that we’re leading that way. I’m not quite ready to say we’re out of it yet, but…”

Tim Surratt is a realtor with Greenwood King. He says August home sales could be a continuation of July’s good numbers.

“It’s almost like this is our spring market, which was delayed because we didn’t have the Spring market that we needed, but now we’re having it right now. And so, as that inventory gets eaten up. Then our prices will start going up again.”

The decline in the number of foreclosures is boosting the area’s median home price. The HAR’s Fullerton says the price went up for the third month in a row.

“I think it’s fabulous. I just came back from San Fransisco and there are markets where they have 50 to 60 percent foreclosures. 16-percent I can live with.”

She adds the indicators are positive for the state of Houston’s real estate market.

PH, KUHF-Houston Public Radio News.