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Single-Family Home Sales Down Nearly 6 Percent In February

The drop, partly tied to oil-sector layoffs, marked the first decline for the Houston market in half a year.

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Home sales across Greater Houston fell for the first time in six months, according to the Houston Association of Realtors. Single-family home sales totaled 4,521 in February. That’s down from 4,798 a year earlier, a drop of 5.8 percent. Layoffs tied to falling oil prices contributed to the decline, as did rising home prices and a limited housing inventory.

“What we’ve experienced in the last couple of years has been amazing. It’s been very encouraging. But we all knew that most markets cannot sustain that rapid a pace for a long period of time,” says Cheri Fama, president of John Daugherty Realtors.

The average price of a single-family home came to $259,293. That marks an increase of 4.5 percent, year-over-year, and a new record for February in Houston.

The region’s housing inventory registered 2.7 months, a slight improvement from January. Inventory is a rough measure of how long it would take to sell out the entire listed supply of housing. The current national supply comes to 4.7 months.