Houston Housing Market Continues to Cool
by: Jack Williams, March 19, 2008 7:03:00 am
Michael Levitin is chairman of the Houston Association of Realtors.
Last month's drop is an improvement over January's 17-percent decline. Levitin says he's not that concerned about the recent drop. He says the Houston housing market has been steady, with no real bubble, which makes down times easier to handle.
"The Houston market has been one where you have in the real estate side, growth of anywhere from two or three percent up to maybe six to eight percent as opposed to the East and West coast where it goes up 15 or 20 percent in Florida, Las Vegas, that type of thing. We get nice steady growth and consequently when we have to have a little downturn, it's a small percentage, so we should be okay."
While there were fewer sales, the average and median sales prices for homes rose last month, up more than three-percent compared to a year ago.