New home prices in Houston fall, supply rises

Home sellers are hoping for an active spring.A new report says many sellers of Houston homes are cutting prices and increasing their number of listings, looking to seize on a heightened level of buying activity as spring continues to approach.According to Altos Research, the price of homes in the city has dropped more than 2 percent over the past three months, with the average dropping from $213,164 in December to just under $209,000 this past month.At the same time, the number of Houston listings increased last month. The number of available properties jumped from 32,693 in January to 33,170 in February, a jump of more than 1.4 percent.The local trends on the Houston real estate market are similar to those in the nation as a whole. Prices fell in each of the 27 cities included in the report, while inventory was up by nearly 4 percent nationwide.Many sellers are hoping that 2011 will be a more positive season than 2010. The National Association of Realtors says the number of home sales last year was the lowest in more than a decade.

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