MLS Press Release

Media Contacts

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®
October 1997 Sales
Home Sales Explode To New October Highs
Houston Real Estate Posts New October Records in Sales and Total Dollar Volume
 
The Houston real estate market began the fourth quarter of 1997 with a bang by setting new October highs in total sales and dollar volume according to the Houston Association of Realtors (HAR) Multiple Listing Service (MLS). The MLS reported 3,758 homes were sold in October, a 25.8 percent increase over last October and a 23.2 percent increase over the previous October record of 3,051. The record home sales led to a 33.3 percent increase over last October in total dollar volume to $434,573,391.

The market has been rebuilding itself for years. This year's string of record months have laid a stable foundation that the Houston real estate market can continue to build upon, said Robin Mueck, 1997 chairman of the board of the Houston Association of Realtors. The number of contracts opened in October, coupled with year-to-date home sales indicates that this will not be the last record broken this year.

Home buyers opened 3,419 contracts last month, a 15.4 percent increase compared to 2,964 during the same time period last year. Contracts opened, also referred to as pended, are a good indicator of closed sales 30-60 days ahead. Additionally, single-family homes continued to sell at a brisk pace, with homes spending an average of 95.1 days on the market.

The median price of single-family homes sold in October was $90,000, up 7.3 percent over last October's $83,900. The median price means that half the homes sold for more, half for less. The median price for townhomes and condominiums in the Houston area during October was $61,000, up 14.1 percent from last October. The median price for high rise properties was down 23.5 percent from last October to $130,000.

In the individual MLS areas, all but four areas posted increases in single-family home sales over last October, with a majority of the MLS areas experiencing significant growth of more than 20 percent. Five areas expanded their single-family home sales more than 50 percent over last October including Far Northwest (58.1 percent), East Fort Bend County (57.5 percent), West Hempstead (56.3 percent), Bear Creek (54.8 percent), and Clear Lake (51.8percent).

The Northwest Area, located between Interstate 45 and FM 249 and Beltway 8 to the south and Spring Cypress to the north, led all areas in total single-family home sales for the 31st straight month with 208 sales closed.
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 10,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. All reported MLS data is preliminary and subject to changes. 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 22,000 homes, can be found on the Internet at http://www.HAR.com.