Although still not at the rate of 2008, sales of single-family homes are gradually climbing back from a slow start in January, according to the Houston Association of Realtors.

Most recent reports are from May when the greater Houston area achieved the highest volume of 2009 up to that point, and average and median home prices climbed to the highest levels since August 2008. However, compared to one year earlier, overall May property sales were down 23.3 percent and sales of single-family homes dropped 21.2 percent.

At $157,450, the May single-family home median price rose 1.6 percent versus one year earlier. The average price of a single-family home in the greater Houston area edged up 0.3 percent to $213,474 compared to May 2008. Sales of foreclosure properties continued to shrink in May. Those properties, which typically sell below market prices, made up 19.9 percent of all single-family home sales in the Houston area. That compares to 34 percent in January, 28 percent in February, 24.5 percent in March and 23.6 percent in April. The median price of May foreclosure sales reported in the Multiple Listing Service tumbled 5.3 percent from $89,900 to $85,108 on a year-over-year basis.

Sales of all property types in Houston for May totaled 5,539, off 23.3 percent compared to May 2008. Total dollar volume for properties sold during the month was $1.1 billion versus $1.5 billion one year earlier, a 23.8 percent decline. Demand for rental properties eased slightly in May, with leases of single-family homes up 0.1 percent and leases of townhouses and condominiums up 6.2

“The more I speak with real estate associations around the country, the more I appreciate the strength with which the Houston market has weathered the economic downturn, ” said Vicki Fullerton, HAR chair and broker of record at RE/MAX of The Woodlands and Spring. “Our current housing climate has been performing at about 2004 levels while other regions of the U.S. are suffering what Houston endured back in the 1980s, ” she added. Many Houston realtors reported increased activity this spring, Fullerton said, “and we hope that translates to measurable improvement in overall market performance. ”

Houston Real Estate Milestones in May

•At $213,474, the average price of a single-family home reached its highest level since August 2008;

•At $157,450, the median price of a single-family home rose to the highest level since August 2008;

•Volume of single-family home sales reached the highest level of 2009;

•Volume of townhouse/condominium sales reached the highest level of 2009;

•Single-family home rentals rose 0.1 percent while rentals of townhouses and condominiums increased 6.2 percent;

•Months’ inventory of single-family homes was 6.2 months compared to the national average of 10.2 months;

•Active listings fell 15.1 percent, representing a generally balanced supply of housing inventory. l