Houston home prices show continued growth in October

While the sale of Houston listings has continued to lag well behind their tax-credit-fueled levels from a year ago, prices have continued to show stability and growth.

According to data from the National Association of Realtors, the median home price in Houston last month was $151,400 - a 1.3 percent increase compared to October 2009. That price growth occurred even despite reduced demand, as indicated by a 22.6 percent drop in sales over the same period.

On a national level, home sales slipped 2.2 percent compared to September, and were nearly 26 percent below numbers from a year ago. However, the NAR says that the slow sales are expected to pick up.

"Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year," said Lawrence Yun, NAR chief economist.

The employment picture has improved in a number of states across the country. Data from the Department of Labor showed that employers in 41 states added jobs during the month of October - the highest number of states with more jobs since May.