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Houston, TX. 77027
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E-mail: david.mendel@har.com
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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 2001 Sales
Houston Housing Market Rebounds from September's Dip for a Record-Setting October
Median Price, Inventory Figures Indicate Balanced Market for Buyers and Sellers
 
HOUSTON (November 15, 2001) – Houston’s existing home sales rebounded strongly as total sales for October set new records for the month, according to statistics released today by the Houston Association of Realtors’ Multiple Listing Service.Total sales reached the highest amount ever recorded for the month of October, topping out at 4,376, which is up in comparison to October 2000’s total sales figure of 4,288. As a result, total home sales are still ahead of last year’s record-setting pace, with 47,658 existing homes sold to date. Year-to-date existing home sales for the same period in 2000 totaled 46,878.

The median price of single-family existing homes for October decreased to $121,000 from $123,000 last month, yet still marks the highest October median price figure ever reported. Available inventory dropped slightly to 29,438 last month, down slightly from 29,625 in September. This also represents the highest October figure for inventory since October 1996, as well as a 10.6 percent increase compared to 26,659 for the same month last year.

“Houstonians are cashing in on the low mortgage rates currently being offered,” said Todd Mason, chairman of the Houston Association of Realtors. “Combine this with the available inventory and higher median price for this time of year and this mix puts Houston in a market that is profitable for both buyers and sellers. Additionally, with the banner year that we are continuing to have, we expect to close this year breaking last year’s records.”

In October, 2,356 homes sold for less than $149,999, down 44 units from this time last year. Mid-priced home sales, homes ranging from $150,000 to $499,999, grew from 1,023 in October 2000 to 1,127 this year. Additionally, 96 homes sold for more than $500,000, a decrease of seven homes from last year.

The total dollar volume closed last month was $642,938,533, an increase of 1.7 percent compared to last October’s total of $632,068,456. Year-to-date total dollar volume figures in 2001 have amassed $7,379,158,422, representing a 5.4 percent increase when compared to 2000’s year-to-date total dollar volume figure of $7,001,308,979.

While October’s existing home sales were higher than last year’s, the median price of $121,000 also was 3.9 percent higher than last October’s $116,500. As a result of the fluctuation in median price, single-family existing homes spent 79 days on the market compared to last October’s 76 days. The median price means that half the homes sold for more, half for less.

Buyers opened 3,597 contracts in October, an increase of 370 pended sales from October 2000. Open contracts, also referred to as pending sales, are a traditional indicator of sales expected to close in the next 30 to 60 days.
October Comparison
  October 2000 October 2001 Percent Change
Total home sales 4,278 4,376 + 2.3%
Total dollar volume $632.1 million $642.9 million + 1.7%
Median price $116,500 $121,000 + 3.9%
Days on market 76 79 + 3.9%
Active listings 26,659 29,483 + 10.6%
High-Rise Properties, Townhomes/Condos and Country Homes Update

HARMLS reported a decrease in the median price for high-rise properties for October, dropping 31.9 percent to $197,350 from last year’s $290,000. High-rise sales decreased as well to 29 last month compared to 49 in the same month last year.

Townhouse/condominium figures rose last month with 465 sales and a median price of $79,250 compared to October 2000’s totals of 442 and $70,000, respectively. Country homes decreased in median price by 3 percent from $94,860 last October to $92,000 this year, while sales increased from 23 last October to 31 this year.
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by more than 15,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as 28 surrounding counties, including Brazoria, Galveston, Waller and Wharton counties. The Houston Association of Realtors is the largest trade association in Houston and the second largest local Realtor association in the nation. Residential home sales statistics as well as listing information for more than 29,000 homes can be found on the Internet at http://www.HAR.com.

The information published and disseminated to the HAR Multiple Listing Service (MLS) is communicated verbatim, without change by MLS, as filed by MLS participants. The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All MLS data is preliminary and subject to change. Monthly sales figures reported since August 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 January 1988.)