You can read more on these studies at:

1. HousingWatch.com
2. NationalBuilderNews.com
3. Harvard University Joint Center for Housing

The housing shortage prediction is based on

1.    Gen-Yer’s, 81 million strong, believe in homeownership and there are 5 million more than there were Boomers.  

2.    According to the National Association of Realtors®, 47% of home buyers in 2009 were first-time home buyers and they predict that in 2010, first-time home buyers will represent 52% of all homes sales.   The Gen-Yer’s housing impact has only just begun.

3.    According to their report, Harvard University’s Joint Center for Housing Studies anticipates household growth during the next 10 years to range between 12.5 million and 14.8 million. All those new households mean demand for many new housing units.   

4.    Bottom line, the number of homes being built simply is not enough to keep up with America’s growing population.

 Will the Greater Houston Metropolitan area be affected?

Houston’s median age is among the lowest of the nation’s major metropolitan areas.  The median age is 33.1. Almost one third of Houston’s population is Gen Y – 28.8% and 58% are of prime home buying age.  It’s estimated that 27.8% have college degrees – one of the highest in the nation.  Source:  Greater Houston Partnership – www.houston.org.

According to the Greater Houston Partnership, Houston is expected to see 1.9-2.7% GDP growth in 2010 and they anticipate Houston to be on the employment

upswing by 4^th Quarter 2011. 

Thereafter, the metropolitan area should return to vigorous growth.

Our conclusion, based on current demographics, Houston’s growth predictions and the reduction in home building, is that Houston could very well face a housing shortage in the future.

 And right now home buyers can capitalize on

1.    A good selection of affordable homes

2.    The 2010 Homebuyer Tax Credit for First-Time and Current Homeowners

3.    Lower interest rates, which are expected to rise after the April 30^th Tax Credit expires.

We invite you to conduct your own research on the best time to buy a home, but rarely in history have homes and the interest rates to buy them been “on sale”.  Waiting may prove to be very expensive indeed.

To search for homes or learn more about what your home is worth in todays’ market, go to www.garygreene.com.

Now comes closed sales in the first two months of 2010, and all price classes above $250,000 have experienced increases.  The two price class exceptions were the $700,000-$799,999 and $900,000-$999,999.  These two price classes are at the same level of demand as found in 2009.

What’s also unusual?  Home price classes below $250,000 have all experienced single to double digit declines in the first two months. These price classes were in highest demand this time last year.

At least for the two months of 2010, there has been resurgence in higher end housing demand and a decline in price classes below $250,000.

Most notable of all price classes is the $800,000-$899,999 range which has experienced a 93% increase over last year.  The second highest demand increase [53%] has been in the $400,000-$499,000 range and the third highest increase [50%] in demand is $1,000,000 or above.  

 Houston real estate sales February YTD 2010 experienced:

1. An 8% decline in single-family homes or a total of 5,792 sales. This is a decline which has improved from January’s 12% decline.
2. A 5% increase in dollar volume sales for a total of $1,149,747,831.  This is an increase from January’s 4% increase.
3. A 15% increase in average sales price which is currently $198,506.  In January the increase was 18%.  February may be the first month in a trend toward Houston’s move to more normal market conditions in terms of where price class demand has historically been. 
4. Days on the Market [DOM] – the time it takes on average to sell a single-family home in Houston declined 15% and is currently 82 DOM.  Hence, homes are selling faster than last year.
5. Pending sales dropped 11% [an improvement from January’s 17%] for a total of 4,981 contracts written.
6. Current listings are up 1% for a total single-family listing count of 27,978.

Prudential Gary Greene, Realtors® believes the housing market will pick up steam in March for 2 reasons:

1. The IRS Home Buyer Tax Credit benefits both current homeowners as well as first-time home buyers and expires on April 30.  To see if you qualify, go to

 http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

   2.  Interest rates are at an all-time low and when these two benefits coincide, the result is a flurry of buying activity that will culminate before April comes to a close.

This will spark demand through April, but what about the rest of the year?  While Houston lost jobs in 2008-2009, most economic experts anticipate the job growth to return to pre-recession levels beginning this year and extending into the entire 2011.  Jobs, more so than tax credits and low interest rates are the biggest driver of home sales.

Previously, we mentioned the rise in upscale homes as a rationale for a rise in average and median price in the overall Houston market for January 2010.  These were attributable to only 22.15% of all sales in Houston.

What home price classes were the hottest selling in Houston through 2/ 2010? 

The following table indicates by price class the most homes that have sold year-to-date in Houston in 2010:         

 As you can see from the Top Ten Selling Price Classes in Houston for 2010 range from $80,000-$399,000. These price classes and homes priced up to $800,000 are expected to be hot in Houston at least through April 30.  Why?  The 2010 IRS Home Buyer Tax Credit expanded to include houses priced up to $800,000. 

To search for homes by price range, map and/or even foreclosures, go to www.GaryGreene.com.

Data provided by the Houston Association of Realtors® Multiple Listing Service, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Prudential Gary Greene, Realtors®

Now comes January 2010, and all price classes above $500,000 are in double-digit increases.  There are 2 exceptions: $700,000-$799,999 price class experienced a 9% decline over last year and $800,000-$899,999 price class experienced a 117% increase, the highest increase of all price classes.  That is perplexing – a price class just below a higher price class experiences a decline while the price class above breaks all records.  Go figure.  There were also 19 homes that sold for over a million giving that price class a 27% increase over sales the previous year.

All sales in January priced over $500,000 represented only 5% of the total units sold in Houston, however the impact these price classes sold had on average sales price and median sales price make it appear that there is home price appreciation in the Houston overall market.  Houston is so large, it is like a mosaic.  Some areas are shining brightly while others are not as lustrous.  For a breakdown of activity by area with a map, go to http://garygreene.mediaroom.com/index.php?s=38&cat=14.

Prudential Gary Greene, Realtors® believes the housing market will pick up steam as we approach the Spring selling season for 2 reasons:

1. The IRS Home Buyer Tax Credit  benefits both current homeowners as well as first-time home buyers and expires on April 1.  To see if you qualify, go to

 http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

   2.  Interest rates are at an all-time low and when these two benefits coincide, the result is a flurry of buying activity that will culminate before April.

 This will spark demand through April, but what about the rest of the year?  While Houston lost jobs in 2008-2009, most economic experts anticipate the job growth to return to pre-recession levels beginning this year and extending into the entire 2011.  Jobs, more so than tax credits and low interest rates are the biggest driver of home sales. 

Previously, we mentioned the rise in upscale homes as a rationale for a rise in average and median price in the overall Houston market for January 2010.  These were attributable to only 5% of all sales in Houston.

What home price classes were the hottest selling in Houston in January 2010? 

The following table indicates by price class the hottest selling price ranges in Houston in 2010:

Top Ten Selling Price Classes Houston Single-Family Real Estate The Year 2010
Price Class	Sales Year to Date	Active Listings	Months of Inventory
1. $200,000-$249,999	216	2,708	5.8
2  $250,000-$299,999	179	2,171	6.7
3. $300,000-$399,999	157	2,429	7.4
4. $120,000-$129,999	138	1,409	5.5
5. $130,000-$139,999	131	1,281	4.9
6. $110,000-$119,999	129	1,362	5.9
7. $80,000-$89,999	122	1,082	5.9
8. $90,000-$99,999	117	1,195	5.9
9. $160,000-$169,999	116	1,073	5.5
10$70,000-$79,999	104	800	5.2

 As you can see from the Top Ten Selling Price Classes in Houston for 2010, hot selling prices ranged from $70,000-$399,000. These price classes and homes priced up to $800,000 are expected to be hot in Houston in 2010.  Why?  The 2010 IRS Home Buyer Tax Credit expanded to include houses priced up to $800,000. 

To search for homes by price range, map and/or even foreclosures, go to www.GaryGreene.com.

Data provided by the Houston Association of Realtors® Multiple Listing Service, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Prudential Gary Greene, Realtors®

1. A 2% decline in single-family homes or a total of 4,456 sales.
2. A 13% increase in dollar volume sales for a total of $976,817,584. Dollar volume was lower than last December yet higher than November’s $899,046,012.
3. A 15% increase in average sales price which is currently $219,214.
4. Days on the Market [DOM] – the time it takes on average to sell a single-family home in Houston declined 12% and is currently 83 DOM.
5. Pending sales dropped 21% for a total of 2,267 contracts written.
6. Current listings are down 6% for a total single-family listing count of 26,086.

 While most of these statistics look flat in comparison to November 2009, there were two reasons for last November’s real estate rally.

1.      The IRS First-Time Home Buyer Tax Credit expired on December 1.  Although this legislation was extended and expanded November 7, 2009, the original tax credit created a flurry of buying activity that culminated in closings in November. 

2.      November 2008 was a very somber month in real estate as Houston was recovering from the aftermath of Hurricane Ike.  Also, November 2009 did not experience the trauma of a hurricane or the psychological recession  of the mortgage meltdown and financial crisis – all found in November 2008. 

Houston real estate sales December YTD 2009:

For the second and final time this year, single-family home sales have moved from double-digit declines YTD to single-digit declines of 7%. Thus, the Houston real estate market concluded 2009 by continuing to move in the right direction and experiencing improvement once again in December.

 Although Houston was not out of negative territory as the year came to an end, what a remarkable recovery and tremendous strides it made with every month that passed in 2009.

Houston 2009 – The Year in Review::

• Sales YTD are 54,415 single-family homes, an 7% decline since YTD 2008.
• Dollar volume sold is down from December YTD 2008 by 9% with $11,080,284,138.
• Average sales price is currently $203,626, down by 2%.
• Median sales price is $153,000, and 1% above last year [half of the homes sold above and half below this midpoint range.
• # of contracts written [pending] is 35,672 and that represents 14% fewer than found last year.
• Active listings, a metric that is good if on a decline, are currently 27,574 or 19% less than last year.

 What’s in store for Houston real estate in 2010?

The November 7^th  legistlative extension and expansion of the 2009-2010 Homebuyer IRS Tax Credit should stimulate home sales, more so than the original tax credit.  The expansion is not limited to first-time homebuyers and increased the income limits to $225,000.  For more information on the IRS Tax Credit, http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit    

The IRS Tax Credit should help bring Houston back to a more normal market sooner than it would have on its own. 

Houston’s diverse economy of energy, health and the Port of Houston should see a resurgence in 2010.  Many economists predict Houston to return to pre-recession levels in 2011.

What home price classes were the hottest selling in Houston in 2009? 

The following table indicates by price class the hottest selling price ranges in Houston in 2009:

 As you can see from the Top Ten Selling Price Classes in Houston for 2009, hot selling prices ranged between $90,000-$399,000. This completes the Top Ten Selling Price Classes in Houston single-family demand for homes in Houston for 2009.  These price classes are expected to be just as hot in Houston in 2010 as they were in 2009, and more are expected to sell.  Why?  The 2010 IRS Home Buyer Tax Credit expanded to include more of these price classes [due to expanded income limits] than found in the original bill.

To search for homes by price range, map and/or even foreclosures, go to www.GaryGreene.com.

Date provided by the Houston Association of Realtors® Multiple Listing Service, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Prudential Gary Greene, Realtors®

Houston real estate sales in November 2009 experienced:

1. A 33% increase in single-family homes or a total of 4,519 sales.
2. A 42% increase in dollar volume sales for a total of $899,046,012.
3. A 7% increase in average sales price which is currently $150,000.
4. Days on the Market [DOM] – the time it takes on average to sell a single-family home in Houston declined 15% and is currently 76 DOM.
5. Pending sales dropped 15% for a total of 2,304 contracts written and recorded in November.
6. Current listings are down 10% for a total single-family listing count of 27,220. 

While most of these statistics are very positive, it should be noted that the comparison is with November 2008, which was suffering the aftermath of Hurricane Ike.

Houston real estate sales November YTD 2009:

For the first time this year, single-family home sales have moved from double-digit declines to single-digit declines YTD. Thus, the Houston real estate market is moving in the right direction and experiencing improvement with every month that passes in 2009.

Houston Market Improvement Comparison 2009 of Single-Family Homes
Market Indicator	February ‘09	June ‘09	Nov. ‘09	% Improved from June ‘09
# units sold	-24%	-20%	-8%	+60%
Dollar volume sold	-33%	-24%	-11%	+54%
Average Sales Price	-12%	-6%	-3%	+50%
Median Sales Price	-8%	-2%	0%	+100%
# of Pending Sales	-23%	-21%	-14%	+33%
Active Listings	-20%	-22%	-20%	-.9%

The current market statistics for Houston November YTD overall are as follows:

• Sales YTD are 49,928 single-family homes, an 8% decline since YTD 2008.
• Dollar volume sold is down from November YTD 2008 by 11% with $10,102,602,394
• Average sales price is currently $202,343, down by 3%.
• Median sales price is $153,000, and equal to last year [half of the homes sold above and half below this midpoint range.
• # of contracts written [pending] is 33,405 and that represents 14% fewer than found last year.
• Active listings, a metric that is good if on a decline, are currently 27,709 or 20% less than last year.

 The November 7^th  legistlative extension and expansion of the 2009-2010 Homebuyer IRS Tax Credit should stimulate home sales, more so than the original tax credit.  The expansion is not limited to first-time homebuyers and increased the income limits to $225,000.  For more information on the IRS Tax Credit, click here.    

 The IRS Tax Credit should help bring Houston back to normal sooner than it would have without this program.

What home price classes are the hottest selling in Houston right now?  The following table indicates by price class the hottest selling price ranges in Houston in 2009:

Top Ten Selling Price Classes Houston Single-Family Real Estate Nobember YTD 2009
Price Class	Sales Year to Date	Active Listings	Months of Inventory
1. $200,000-$249,999	5,198	2,654	5.7
2  $300,000-$399,999	3,540	2,470	7.7
3. $250,000-$299,999	3,506	2,161	6.8
4. $130,000-$139,999	2,888	1,177	4.5
5. $120,000-$129,999	2,846	1,366	5.3
6. $110,000-$119,999	2,533	1,320	5.7
7. $140,000-$149,999	2,448	1,232	5.5
8. $150,000-$159,999	2,397	1,070	4.9
9. $90,000-$99,999	2,230	1,175	5.8
10.$160,000-$169,999	2,191	1,029	5.2

 As you can see, the top 10 selling price classes in Houston range from a low of $90,000 to a high of $399,000, and therein lies the largest demand for single-family homes in the Houston Multiple Listing Service. 

To view homes available in every price range, go to www.GaryGreene.com .

 With every month that passes in 2009, the Houston real estate market has consistently improved.  To move from a sales decline of 24% in February to 8% in November is a remarkable feat, in and of itself. Furthermore, the market improvement comparison table [first table above] indicates that not only are sales improving, all metrics that comprise a good real estate market have consistently improved during the year.  This is a market of opportunity, particularly with the IRS Tax Credit and historically low interest rates.  Houston is expected to return to pre-recession levels in 2011 and home prices will rise. The best time to capitalize on a “bounce-back” is before it bounces back.  That time is now.

Information derived from Houston Association of Realtors® Multiple Listing Service.  Data compiled by Toni Nelson, Director of Strategic Initiatives, Prudential Gary Greene, Realtors®

 With new incentives in hand, every month that passes in 2009, shows great improvement in comparison to the previous months’.  The table below shows the difference between the market experienced in February, June and October YTD 2009.   As you can see, as 2009 progresses, the single-family housing market is slowly marching toward a healthier market.

  A summary of October YTD market statistics compared to last year:

• Sales are down from October YTD 2008 by 11% with 45,391 single-family homes.
• Dollar volume sold is down from October YTD 2008 by 14% with $9,202,482,156.
• Average sales price is currently $202,738, down by 4%.
• Median sales price is $153,000, down by 1% [half of the homes sold above and half below this midpoint range.
• # of contracts written [pending] are 31,101 and that represents 14% fewer than found last year.
• Active listings, a metric that is good if on a decline, are currently 27,758 or 21% less than last year.  This is also a metric that in Houston is the exact opposite heard frequently in the national news.

 The newly extended Homebuyer IRS Tax Credit should stimulate sales, particularly in the Spring of 2010 and it will be interesting to see if inventory continues to decline as it has in recent months.  The IRS Tax Credit should boost Houston back to normal market conditions sooner than it would have on its own.  Another added benefit to increasing home sales is that economists believe that for every home that is sold, regardless of the price, a $66,000 economic multiplier effect positively impacts the local market in which the home resides.  The IRS Tax Credit is truly an economic stimulus that sparks the local economy.

 What home price classes are the hottest selling in Houston right now?  The following table indicates by price class the hottest selling price ranges in Houston in 2009:

As you can see, the top 10 selling price classes in Houston range from a low of $90,000 to a high of $399,000, and therein lies the largest demand for single-family homes in the Houston Multiple Listing Service. 

Prudential Gary Greene, Realtors® feels certain that fourth quarter 2009 sales will exceed fourth quarter 2008, which was interrupted by a devastating hurricane, economic uncertainty and a barrage of bad news.  The Houston market has experienced a loss of confidence and uncertainty of the future, especially during the months following Hurricane Ike.  The market improvement comparison table above indicates that our market is on the road to recovery.  This market also spells opportunity, particularly with the IRS Tax Credit, to purchase a home before Houston experiences an upswing in the market, which inevitably will happen.  The best time to capitalize on a “bounce-back” is before it bounces back.

Data derived from the Houston Association of Realtors® Real Estate Information Services and compiled by Toni Nelson, Director of Strategic Initiatives for Prudential Gary Greene, Realtors®.  Market statistics occurring outside the HAR MLS are not reflected in this report.

Most economists predict that inflation is in our future,so the best time to capitalize on rising prices is to purchase before the prices rise.  An IRS Tax Credit makes this a moment in time that spells O-P-P-O-R-T-U-N-I-T-Y for investing in a home.   And it expires April 30, 2010.

If buying a home is in your future, please log on to www.garygreene.com and select an agent to assist you in finding the home of your dreams. irstaxcreditparameters

For the most comprehensive information about the new IRS Tax Credit expansion and extension, please vist http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

Houston and Dallas-Fort Worth are among eight other Metropolitan areas predicted to recover by 2011.  At Prudential Gary Greene Realtors, we believe that the best time to capitalize on a bounce back is before it bounces back!  With interest rates at an all-time low and only a few months left to receive the $8,000 IRS Tax Credit for First-Time Homebuyers[expires December 1, 2009], there has never been a better time to invest in a home, particularly in Houston.

The Houston Market for Third Quarter Year-to-Date 2009:

The trend is continuing.  With each month that passes in 2009, the Houston real estate market shows a marked improvement from the previous months:

February YTD is used as a comparison as it appears to be the month when Houston hit bottom in residential real estate.  June YTD is mid-year, and displays an improved market from February YTD.   The best YTD month in terms of  market improvement is September YTD.  Granted, last September statistics were marred by Hurricane Ike and has been a factor in making these current statistics look far better.  However, the last quarter of 2008 was also plagued with the mortgage meltdown, destabilization of our financial markets and a barrage of bad economic news.  The author believes 2009 will end much smoother than  the year began.  The New Year should experience a continuuance of the market trends seen herein and it will pave the way for a 2011 economic bounce back to pre-recession levels as predicted by IHS Global Insight. 

Here’s a quick synopsis of the above market indicators for September YTD 2009:

• Single-family home sales reached 40,558, which is down by 13% from Sept. YTD 2008.
• Dollar volume sold reached $8,247,700,781 or 17% less than found this same time last year.
• Average sales price is currently $203,356 and that is down by 4% over Third Quarter YTD 2008.
• Median sales price is $154,000 and that is down by 1%.
• Pending sales [contracts written] reached 28,042 and that figure is down by 15% over this time last year.
• There are currently 27,824 active listings in the Houston area, 21% fewer than found a year ago.

The market continues to strengthen due to two factors:

1. the current decline in sales [-13%]is not nearly as steep as
2. the decline in inventory, a.k.a. listings [-21%]. 

What price of homes are hot in Houston currently?  The table below shows the top ten price classes and they represent the hottest number of sales.

From an investment standpoint, now is the time to purchase a home in Houston, Texas and purchasing in the hottest selling price classes minimizes that risk. 

*Statistics derived from data received from Houston Realtors® Information Services and The Real Estate Center at Texas A & M University and compiled by Toni C. Nelson, Director of Strategic Initiatives for Prudential Gary Greene, Realtors®.

Forbes Magazine Summary:

“Among the best reasons to take up residence in Houston or Dallas, according to Forbes, is the number of top-ranked companies headquartered in each city: 38 and 15, respectively.”

The rankings were determined by median income, cost of living, job growth and the quality of the business environment. 

Most importantly, the magazine stated that ”if you are worried about the economic situation changing in Houston, Dallas or Austin, in the next few years, don’t be.  As health care, technology and energy take more employees into their ranks, cities that specialize in these core industries will continue to draw skilled workers and dole out attractive compensation.”

The Houston Market:

Each month that passes in 2009 brings more positive news about the Houston real estate market and its buoyancy.  The percentage declines we experienced in the first quarter of 2009 are declining.  Slowly but surely we are climbing back to a more normal market and with a bright employment picture ahead, real estate is destined for better days.

Houston Single-Family Market Improvement Comparison 2009
Market Indicator	February ‘09	June ‘09	August ‘09	% Change from 02/09 to 08/09
# of units sold	-24%	-20%	-16%	+8%
Dollar Volume Sold	-33%	-24%	-20%	+14%
Avg. Sales Price	-12%	-6%	-5%	+7%
Median Sales Price	-8%	-2%	-1	+7%
# of Pending Sales	-23%	-21%	-19%	+4%
Active Listings	-20%	-22%	-22%	-2%
August 2009 Report from Real Estate Center at Texas A & M and Houston Association of Realtors

The table above displays how the Houston area market appeared to reach bottom in February with almost one fourth of the number of units and one third of the dollar volume dissolving from the previous year-to-date.  However, as time marches through 2009, those declines have declined.  See the column above “% Change from 02/09 to 08/09” to see the market improvement.  The only market indicator that is not in a positive position is the number of active listings, which  are down by 22% over this time last year and down 2% from February 2009.  Reduced inventory is a positive indicator and prevents real estate values from declining.

Here is a summary of Houston Single-Family Real Estate Market statistics for August 2009 year over year comparison:

• Sales reached 35,792 units sold, a 16% decline over August YTD 2008.
• Dollar volume sales reached $7,272,385,965, a 20% decline during the same time frame.
• Average sales price is $203,185, a 5% decline over August YTD 2008.
• Median sales price [half of the homes sold above the median and half below, and not subject to extreme fluctuations like average sales price] is $153,500 and that figure is down by only 1% from this time last year.
• # of pending sales or homes that have gone under contract year-to-date are 24,985 or a 19% decline over August YTD 2008.
• Active listings are 27,882 or 22% below those found in August YTD 2008.

While these statistics are not glowing, # of sales, dollar volume sold and pending sales have even improved from July, so the market continues to return with every month that passes. The Brookings Institute ranked Houston the #1 housing market in the nation; see our July 10, 2009 blog for details.  Houstonians are fortunate to have weathered this economic downturn better than any in the nation.

What home prices are the hottest selling in Houston right now?  The following table displays by price class the hottest selling price ranges in Houston in 2009:

Each month that passes in 2009 brings more positive news about the Houston real estate market and its buoyancy.  The percentage declines we experienced in the first quarter of 2009 are declining.  Slowly but surely we are climbing back to a more normal market.

Houston Single-Family Market Improvement Comparison 2009
Market Indicator	February ‘09	June ‘09	July ‘09	% Change from 02/09 to 07/09
# of units sold	-24%	-20%	-17%	+7%
Dollar Volume Sold	-33%	-24%	-21%	+13%
Avg. Sales Price	-12%	-6%	-5%	+7%
Median Sales Price	-8%	-2%	-1	+7%
# of Pending Sales	-23%	-21%	-20%	+3%
Active Listings	-20%	-22%	-22%	-2%
July 2009 Report from Real Estate Center at Texas A & M and Houston Association of Realtors

The table above displays how the Houston area market appeared to reach bottom in February with almost one fourth of the number of units and one third of the dollar volume dissolving from the previous year-to-date.  However, as time marches through 2009, those declines have declined.  See the column above “% Change from 02/09 to 07/09” to see the market improvement.  The only market indicator that is not in a positive position is the number of active listings, which  are down by 22% over this time last year and down 2% from February 2009.  Reduced inventory is a positive indicator and prevents real estate values from declining.

Here is a summary of Houston Single-Family Real Estate Market statistics for July 2009 year over year comparison:

• Sales reached 30,790 units sold, a 17% decline over July YTD 2008.
• Dollar volume sales reached $6,212,573,724, a 21% decline during the same time frame.
• Average sales price is $201,772, a 5% decline over July YTD 2008.
• Median sales price [half of the homes sold above the median and half below, and not subject to extreme fluctuations like average sales price] is $152,000 and that figure is down by only 1% from this time last year.
• # of pending sales or homes that have gone under contract year-to-date are 21,701 or a 20% decline over July YTD 2008.
• Active listings are 27,898 or 22% below those found in July YTD 2008.

The Brookings Institute ranked Houston the #1 housing market in the nation; see July 10, 2009 blog for details.  Houstonians are fortunate to have weathered this economic downturn better than any in the nation.

What home prices are the hottest selling in Houston right now?  The following table displays by price class the hottest selling price ranges in Houston in 2009:

 As you can see, the top selling homes by price class in Houston year-to-date range from a low of $90,000 to a high of $399,999, and these price classes represent the highest buyer demand for single-family homes.

First-time home buyers are encouraged to capitalize on the 2009 First-Time Homebuyers IRS Tax Credit as it stands a good possibility of expiring on December 1.  See if you qualify by taking the quiz located on the lower left hand corner of http://media.garygreene.com/.  For more information on the First-Time Homebuyers Tax Credit, please be sure to visit: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit_how_to