Houston existing home sales, median price decline during April

Sales and the median price of homes in Houston were both down during April.The National Association of Realtors recently released its data regarding April's real estate market, which revealed a negative trend for Houston properties.Nationally, existing home sales were down 0.8 percent from March, reaching an annual rate of 5.05 million. Year-over-year, the decline was even greater, falling by 14.8 percent. In Houston, sales were similar to the national trend, decreasing by 13 percent from April 2010.”Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger,” said Lawrence Yun, NAR's chief economist. “Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations.”The median price for available Houston real estate was also down year-over-year, falling 3.1 percent to $149,100. The median price was below the national average, which sat at $163,200 during April – a 5.4 percent year-over-year decline itself. San Antonio, along with Washington, D.C., were the only metropolitan regions to experience positive year-over-year figures in regards to median price.?Courtesy of 2M Realty News

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