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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®
MLS Report for June 2013
MLS Report for January 2014

HOUSTON'S HOME BUYING FRENZY TAPERS AS THE NEW YEAR BEGINS

A lack of housing inventory slows January sales and boosts prices

HOUSTON (February 18, 2014) The Houston housing market exhibited the textbook laws of supply and demand in January as low housing inventory meant that there were fewer homes to purchase, but that buyers paid more for the homes that were available.

Home sales edged up 1.7 percent year-over-year – the smallest one-month sales increase since June 2011, according to the latest monthly report prepared by the Houston Association of REALTORS®. January single-family home sales totaled 3,957. That is the lowest one-month sales volume since February 2012.

January marked the 32nd consecutive month that sales have remained in positive territory. The supply of homes matched December’s 2.6 months of inventory, but compared to a 3.6-month supply in January 2013.

The combination of shrinking inventory and heavy sales activity among homes between $200,000 and $600,000 pushed pricing up significantly in the year-over-year comparison. The median price of a single-family home—the figure at which half the homes sold for more and half for less—jumped 18.0 percent to $177,000. The average price shot up 22.0 percent year-over-year to $244,000. Both figures represent the highest prices for a January in Houston.

The over-$150,000 segments single-family market experienced sales growth in January, however both the sub-$80,000 and $80,000-$150,000 markets recorded declines.

“January is traditionally a slow time of year for home sales, but throw a depleted supply of inventory into the mix and you get exactly what the Houston market experienced last month,” said HAR Chair Chaille Ralph with Heritage Texas Properties. “Until more housing inventory hits the market, we are likely to continue seeing lower sales volume and higher pricing than we did throughout 2013. It’s the basic economic principle of supply and demand playing out.”

Foreclosure property sales reported in the HAR Multiple Listing Service (MLS) continued its months-long decline, dropping 53.2 percent compared to January 2013. Foreclosures currently make up 9.2 percent of all property sales, down from a 19.6 percent share a year earlier. The median price of foreclosures rose 6.9 percent to $86,625.

January sales of all property types in totaled 4,929, a 5.6 percent increase over the same month last year. Total dollar volume for properties sold rose 26.8 percent to $1.1 billion versus $905 million a year earlier.

January Monthly Market Comparison
Houston’s real estate market saw gains in all measurements in January when comparing sales to January 2013. Total property sales, total dollar volume and average and median pricing all rose on a year-over-year basis.

Month-end pending sales totaled 3,730, a 3.9 percent gain over last year and another possible indication of a steady but lower volume of sales when the February numbers are tallied. Active listings, or the number of available properties, at the end of January dropped 15.9 percent to 28,211.

Houston's inventory of available homes remained flat at a 2.6-month supply month-over-month in January, but was down from the 3.6 months of supply one year ago. The inventory of single-family homes across the U.S. currently stands at 4.6 months, according to the latest report from the National Association of REALTORS®.

CATEGORIES JANUARY 2013 JANUARY 2014 CHANGE
Total property sales 4,667 4,929 5.6%
Total dollar volume $904,858,281 $1,147,677,815 26.8%
Total active listings 33,532 28,211 -15.9%
Total pending sales 3,591 3,730 3.9%
Single-family home sales 3,889 3,957 1.7%
Single-family average sales price $200,079 $244,070 22.0%
Single-family median sales price $150,000 $177,000 18.0%
Months inventory* 3.6 2.6 -27.3%
* 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

January sales of single-family homes in Houston totaled 3,957, up 1.7 percent from January 2013. That marks the 32nd consecutive monthly increase. It also represents the smallest one-month sales increase since June 2011 and the lowest one-month sales volume since February 2012.

Home prices reached the highest levels ever recorded in Houston for a January. The single-family median price climbed 18.0 percent from last year to $177,000 and the average price soared 22.0 percent year-over-year to $244,070.


Single Family

Broken out by housing segment, January sales performed as follows:

  • $1 - $79,999: decreased 46.3 percent
  • $80,000 - $149,999: decreased 7.9 percent
  • $150,000 - $249,999: increased 9.7 percent
  • $250,000 - $499,999: increased 41.6 percent
  • $500,000 - $1 million and above: increased 45.3 percent
  • Single Family Average Home Price

    HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In January 2014, existing home sales totaled 3,396, a 2.1 percent increase from the same month last year. The average sales price rose 23.2 percent year-over-year to $226,424 while the median sales price rose 20.7 percent to $164,800.

    Townhouse/Condominium Update

    January sales of townhouses and condominiums rocketed 35.8 percent from one year earlier. A total of 432 units sold last month compared to 318 properties in January 2013. The average price dipped 1.4 percent to $170,721 while the median price declined 2.3 percent to $131,570. Inventory dropped to a 2.5 months supply versus a 4.0 months supply in January 2013.

    Townhouse/Condominium Sales

    Lease Property Update

    Houston’s lease property market showed strong gains in January. Rentals of single-family homes jumped 23.6 percent compared to January 2013 while year-over-year townhouse/condominium rentals rose 13.3 percent. The average rent for a single-family home increased 4.3 percent to $1,616 while the average rent for a townhouse/condominium rose 8.3 percent to $1,508.

    Houston Real Estate Milestones in January
    • Single-family home sales increased 1.7 percent year-over-year, accounting for the market’s 32nd straight monthly increase;
    • Total property sales rose 5.6 percent compared to one year earlier;
    • Total dollar volume soared 26.8 percent, increasing from $905 million to $1.1 billion on a year-over-year basis;
    • At $177,000, the single-family home median price reached the highest level for a January in Houston;
    • At $244,070, the single-family home average price also reached a January high;
    • A 2.6-month supply of inventory of single-family homes is unchanged from December but down from a 3.6-month supply in January 2013 while comparing to the national average of 4.6 months;
    • Sales of townhouses/condominiums shot up 25.8 percent year-over-year;
    • Rentals of single-family homes rose 23.6 percent while rentals of townhouse/condominium units rose 13.3 percent.
    The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 24,000 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 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 dues-paying 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