HOUSTON — (April 17, 2012) — The Houston real estate market enjoyed a tenth consecutive month of rising sales in March, with homes continuing to sell quickly enough to keep housing inventory at its lowest level since December 2008. Average and median prices achieved the highest levels for a March in Houston, with the average price coming just a few dollars shy of the all-time high set in June 2008.

According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), March sales of single-family homes rose 7.8 percent versus one year earlier. That follows February's 15.6 percent jump which was the biggest sales boost since last September.

The March single-family home average price rose 5.7 percent year-over-year to $227,270, the highest level for a March in Houston and only $70 below the all-time high reached in June 2008. The median price—the figure at which half of the homes sold for more and half sold for less—climbed 7.8 percent to $161,750, also a record high for a March in Houston.