New home prices in Houston fall, supply rises

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.