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®
January 2007 Sales
Houston Housing Resists Winter Chill Experienced By Most Of Nation
Prices And Sales Rise To Start 2007 On Strong Footing
 
HOUSTON — (February 21, 2007) – Greater Houston area real estate sales increased nearly nine percent compared to last January, making this market both affordable and profitable, according to statistics released by the Houston Association of Realtors®. The numbers highlight the continued difference between Houston real estate trends and reports from much of the rest of the country.

Total property sales for the month registered 4,994, which was an 8.1 percent increase over January 2006. Properties sold during the month reached a total of nearly $900 million, a 12.3 percent increase compared to last year’s nearly $800 million in January sales. Additionally, the median home price for a single-family home reached a monthly record for January of $142,000, and the average single-family home price came in at $181,350, increases from last year of 2.9 and 1.4 percent, respectively.

“We are pleased with the beginning of 2007 and look optimistically toward a year with the impressive moderate gains that have kept us in a national ‘safe zone’,” said Rob Cook, HAR Chairman and broker/owner of Robert D. Cook Properties. “We would like for home owners and home seekers in the greater Houston area to realize that when we double prices in home sales, buyers do not suffer.”

January Monthly Market Comparison

All listing categories combined, Houston’s overall housing market in January 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 January was 44,685 properties, which was an increase of 9.5 percent versus last January and the seventh month with a year-over-year increase, after 10 consecutive previous declines. The figure was an increase of 1,247 properties from last month, which is typical for the beginning of the year as more homes are listed for sale.

Month-end pending sales – those listings expected to close within the next 30 days – reached 4,812, which was up 10.6 percent from last year, and signals an expectation for continued strength into 2007 for sales. The months inventory of single-family homes for January came in at 5.1 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 January reporting the 27th consecutive decline in year-over-year months inventory figures.
All Categories January 2006 January 2007 Percent Change
Total property sales 4,618 4,994 +8.1%
Total dollar volume $776,580,141 $872,250,771 +12.3%
Average single-family sales price $178,844 $181,350 +1.4%
Median single-family sales price $138,000 $142,000 +2.9%
Active listings 40,814 44,685 +9.5%
Pending sales 4,349 4,812 +10.6%
Months inventory* 5.2 5.1 -2.3%
* 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 $142,000 was a record for the month of January and an increase of 2.9 percent compared to the prior year. The average sales price for single-family homes was $181,350 during January, which was up 1.4 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 $142,000, while another monthly record for the Houston market, is 35.9 percent less than the national median price, which reached $221,600 in December, 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 36 consecutive months that sales have been higher than the same month of the previous year. For January 2007, single-family home sales increased by 10.1 percent to 4,017, up from last year’s 3,648.

HAR also reports existing home statistics for the single-family home segment of the real estate market. For the month of January 2007, existing single-family home sales totaled 3,367, which was a 9.0 percent increase from January 2006. The median sales price for existing homes in the Houston area was $134,000, an increase of 3.1 percent compared to the same period last year. The average sales price for the month of $170,531 was an increase of 1.5 percent from last year’s level.

Townhouse/Condo Update

The overall median price in the townhouse/condo segment in Houston was up 2.7 percent for January, with the median sales price for the month being $115,490. The average sales price for which a townhouse or condo sold in the greater Houston area was $147,831 in January 2007, which was a 6.9 percent increase from the same month last year.

Additionally, the number of townhouses and condos that sold in January increased nicely compared to last year’s sales, with 481 units being sold last month, versus 418 properties in January 2006, or a 15.1 percent increase in year-over-year sales.


Houston Real Estate Milestones in January
  • Reached the highest average sales price for single-family homes for January.
  • Marked the highest median sales price for single-family homes for January.
  • Marked the highest dollar volume of sales for January.
  • Recorded the highest number of single-family homes ever sold in January.
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    The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 25,000 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 more than 50,000 properties may 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 26,000-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.