November was the third consecutive month that Houston home sales increased year over year, up 33% from November 2008 according to Houston Association of Realtors (HAR) data, but the presence of the increase may be more significant than its size which was attributable in part to the lingering effects of Hurricane Ike in 2008 and the impending expiration November 30, 2009 of the home buyer tax credit enacted by Congress.

Pending sales — expected to close within 30 ddays — were down 13% to 2,741 from 3,144 last year and active listings were down 4% to 45,452 from 47,354 same month last year but up 28 from October 2009.  Active listings were 6.0 months’ sales, down from 6.1 compared to a national average of 7.0 months.

Nevertheless, the median sale price rose year over year for the seventh straight month — predating Hurricane Ike — to $150,000, up 8.7% over November 2008. It was the highest November median sale price in history for Houston and compares with the national single family median price of $173,000 reported by the National Association of Realtors. Texas home values continue to be a good buy.

HAR reports existing home sales separately; at 3,721 sales they were up 34.8% from November 2008 and median sale price at $142,000 was up 13.8% compared to November 2008.

Townhouse and condominium sales in November were up even more dramatically to 502 units sold in November compared to 286 in November 2008, a 76% year over year increase. Median price rose almost 14% to $134,500.

Despite the caveats — Hurricane Ike, the home buyers’ tax credit, the decline in pending sales and listings — Houston may be on the verge of a recovery in property values.

Since appraisal districts must establish market values as of December 31, this may be the year to seek a reduction in your taxable basis before values climb further.