(Housing : Houston-Sugar Land-Baytown) 5/8/2009 
HOUSTON (Metrostudy) – H-Town’s slowdown in housing starts continued through first quarter 2009, according to the latest report from Metrostudy.

The market recorded 3,150 single-family starts during that period, a 54 percent decline from first quarter 2008. Annual starts declined 35 percent compared with the previous 12-month period, to 22,409 units.

First-quarter 2009 closings totaled 5,315 units, a 35 percent decline compared with first quarter 2008, when 8,253 closings were recorded. Annual closings totaled 28,326 units, a 28 percent decline year-over-year.

Annual closings outpaced annual starts for the ninth consecutive quarter by 5,917 homes, said David Jarvis, director of Metrostudy’s Houston region.

During the first quarter, every price segment recorded a decline in annual starts. During the year ending in March 2009, starts fell 39 percent for housing priced below $175,000, 35 percent in the $175,000 to $225,000 price range, 31 percent in the $225,000 to $500,000 price range and 22 percent for luxury and custom homes priced above $500,000.

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