Houston-area market sees a decline in home prices and sales

Experts linked the slowdown to a tightening in subprime lending, combined with consumer jitters about a possible recession, an uncertain presidential election and a national real estate crisis.

Some would-be home buyers are "taking a bit of a wait-and-see approach," said Mike Gray of Exit Complete Realty. "They think they may get a better deal or that rates are going to go lower."

Single-family home sales in the Houston area fell 12 percent last month compared with a year earlier, the Houston Association of Realtors reported Tuesday. Realtors sold 3,620 homes through the Multiple Listing Service.