MLS Press Release

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Public Relations Manager
3693 Southwest Freeway
Houston, TX. 77027
Phone: 713-629-1900 x258
E-mail: david.mendel@har.com
Chief Communications Officer
3693 Southwest Freeway
Houston, TX. 77027
Phone: 713-629-1900 x155
E-mail: matt@har.com
Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 36,000 REALTORS®
September 2002 Sales
Third Quarter Home Sales Up, Monthly Sales Rebound
 
HOUSTON (October X, 2002) – Existing home sales for the third quarter of 2002, as reported in Houston’s Multiple Listing Service, increased 3.5 percent over the third quarter of 2001, according to statistics released today by the Houston Association of RealtorsҒ Multiple Listing Service. In addition, existing sales last month reached an all-time high, representing the highest amount of sales ever recorded during the month of September.

“Home sales in Houston during September seemed to bounce back after last month’s dip,” said HAR Chairman Shad Bogany. “In fact, for the year, total home sales continue to rise ahead of last year’s record-setting pace. Considering the resilient nature of Houston’s housing economy, it looks as though we may be headed for another record-breaking year.”

Total Sales Up in Third Quarter

Total sales for the third quarter of 2002, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties, lots and new homes listed on the MLS, topped out at 16,118 for 2002, which is a 3.5 percent increase in cumulative sales from this time last year. Last year’s total sales for the third quarter of 2001 reached 15,572.

For the year, 46,036 homes have been sold to date. Year-to-date existing home sales for the same period last year totaled 43,282.

The total dollar volume closed during the third quarter of this year was $2.63 billion, an increase of 7.2 percent compared to last year’s total of $2.46 billion. The number of pending sales decreased 10.6 percent from 11,373 during the third quarter last year to 10,169 this year.

Throughout the third quarter of 2002, the median price of single-family homes dropped slightly to $131,040 in September from July’s record-breaking high of $135,000. Available inventory increased to 33,646 active listings in September from 32,737 active listings in July. The average number of active listings per month during the 2002 third quarter totaled 33,271 as compared to an average of 28,729 active listings during July, August and September 2001.
3rd Quarter Comparison (all classes)
3rd Qtr 2001 3rd Qtr 2002 Percent Change
Total home sales 15,572 16,118 +3.5%
Total dollar volume $2.46 billion $2.63 billion +7.2%
Avg. active listings per month 28,729 33,274 +15.8%
Total contracted opened 11,373 10,169 -10.6%
 
Month-to-Month September Comparison

Total sales for September 2002, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties, lots and new homes listed on the MLS, reached 4,615 for September 2002, representing the highest September total ever recorded. Last year’s total sales for September 2001 reached 4,288.

The total dollar volume closed last month was $758 million, an increase of 17.7 percent compared to last September’s total of $644 million. The number of pending sales decreased to 3,173 in 2001 from 2,595 this year. Pending sales are the traditional indicator of sales expected to close within the next 30 to 60 days. Available inventory rose to 33,646 in September, compared to 29,625 last year.
September Comparison
September 2001 September 2002 Percent Change
Total home sales 4,288 4,615 +7.6%
Total dollar volume $644,228,889 $758,225,734 +17.7%
Active listings 29,625 33,646 +13.6%
Pending sales 3,173 2,595 -18.2%
 
Single-family homes update

Total sales for single-family homes increased by 6 percent to 3,770 from last year. The median price of single-family homes of $131,040 was 6.5 percent higher than last September’s $123,000. This figure represents the highest median price ever recorded for the month of September.

In September, 2,252 single-family homes sold for less than $149,999, a decrease of 41 units from this time last year. Mid-priced home sales, homes ranging from $150,000 to $499,999, increased to 1,401 this year, up from 1,160 in September 2001. Additionally, 118 homes sold for more than $500,000 this past month; 102 homes in this price range sold during the same month last year.

“The high-end homes market in Houston has recently been labeled as soft, but September’s figures indicate that we may be pulling away from that trend,” Bogany said. “This will be an interesting trend to keep an eye on in the coming months.”
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 16,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. The Houston Association of Realtors is the largest trade association in Houston and the largest local Realtor association in the nation. Residential home sales statistics as well as listing information for more than 25,000 listings can be found on the Internet at http://www.HAR.com.

The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants. The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 include a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)