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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®
November 2006 Sales
Happy Holidays for Houston-Area Homeowners
Property Sales and Prices Show Growth at Yearend
 
HOUSTON - (December 21, 2006) - People in the greater Houston area have reason to celebrate a joyous holiday season as the real estate market continues to deliver many happy returns, even as other parts of the country have faltered even further. Houston property sales in the month of November defied national trends and show no signs of cooling as we head into 2007, according to the Houston Association of Realtors.

Total property sales for the month registered 6,373, which was a 9.8 percent increase over November 2005. Properties sold during the month reached a total of nearly $1.2 billion, a 13.7 percent increase compared to last year's nearly $1.1 billion in November sales. Year-to-date dollar volume exceeded the full-year figure for last year, with $15.2 billion of property changing hands, compared to $14.2 billion for all of 2005. Additionally, the median home price for a single-family home reached a monthly record for November of $147,000, and the average single-family home price came in at $194,317, increases from last year of 1.4 and 0.7 percent, respectively.

"We certainly have much to be thankful for in greater Houston area market. As our sales climb, prices are also going up, so that neither sellers nor buyers are placed at a disadvantage," said Lorraine Abercrombie, HAR Chair and Marketing Director for Greenwood King Properties. "2007 is poised to continue the steady growth that we have seen for at least the last few years, and we all look forward to helping more people realize the American dream of homeownership."

November Monthly Market Comparison

All listing categories combined, Houston's overall housing market in November saw increases in most categories, including total property sales, average sales price, median sales price, and overall total dollar volume on a year-over-year basis.

The number of available homes (active listings) at the end of November was 46,071 properties, which was an increase of 9.1 percent versus last November and the fifth month with a year-over-year increase, after 10 consecutive previous declines. The figure was a decrease of 602 properties from last month, and shows new listings are staying in equilibrium with increased sales activity.

Month-end pending sales - those listings expected to close within the next 30 days - reached 4,412, which was up 7.9 percent from last year, and signals an expected strong end of the year for sales. The months inventory of single-family homes for November came in at 5.3 months. This statistic signals more of a seller's market and also shows that demand is more than keeping up with the available supply of homes, as displayed by November reporting the 25th consecutive decline in year-over-year months inventory figures.
All Categories November 2005 November 2006 Percent Change
Total property sales 5,803 6,373 +9.8%
Total dollar volume $1,051,680,124 $1,195,966,874 +13.7%
Average single-family sales price $192,964 $194,317 +0.7%
Median single-family sales price $145,000 $147,000 +1.4%
Active listings 42,247 46,071 +9.1%
Pending sales 4,089 4,412 +7.9%
Months inventory* 5.4 5.3 -2.2%
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.
 
Single-family Homes Update

The overall median price of single-family homes of $147,000 was a record for the month of November and an increase of 1.4 percent compared to the prior year. The average sales price for single-family homes was $194,317 during November, which was up 0.7 percent versus the same period last year. The median is a typical market price where half of the homes sold for more and half sold for less than that figure.

Houston's current median price of $147,000, while a monthly record for the Houston market, is 33.6 percent less than the national median price, which reached $221,300 in October, according to statistics released by the National Association of REALTORS®. These data continue to show the tremendous value and lower cost of living afforded to Houstonians.

Additionally, total sales for single-family homes in Houston continued its streak of year-over-year increases, marking 34 consecutive months that sales have been higher than the same month of the previous year. For November 2006, single-family home sales increased by 12.2 percent to 5,299, up from last year's 4,723.

HAR also reports existing home statistics for the single-family home segment of the real estate market. For the month of November 2006, existing single-family home sales totaled 4,352, which was a 22.8 percent increase from November 2005. The median sales price for existing homes in the Houston area was $138,000, an increase of 2.6 percent compared to the same period last year. The average sales price for the month of $181,160 was an increase of 2.8 percent from last year's level.

Townhouse/Condo Update

The overall median price in the townhouse/condo segment in Houston was up a marginal 0.6 percent for November, with the median sales price for the month being $120,700. The average sales price for which a townhouse or condo sold in the greater Houston area was $159,020 in November 2006, which was a 3.2 percent increase from the same month last year.

Additionally, the number of townhouses and condos that sold in November increased compared to last year's sales, with 535 units being sold last month, versus 527 properties in November 2005, or a 1.5 percent increase in year-over-year sales.


Houston Real Estate Milestones in November
  • Reached the highest average sales price for single-family homes for November.
  • Marked the highest median sales price for single-family homes for November.
  • Marked the highest dollar volume of sales for November.
  • Recorded the highest number of single-family homes ever sold in November.
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    The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 22,000 REALTORS throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for about 43,000 properties 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 includes 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.)

    Founded in 1918, the Houston Association of REALTORS® (HAR) is a 23,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual membership trade association in Houston, as well as the second largest local association/board of REALTORS® in the United States.

    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