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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®
February 2002 Sales
Houston Home Sales Stay Rock Steady
 
HOUSTON (March 20, 2002) - Houston existing home sales, as reported in Houston's Multiple Listing Service continued to defy the economy, according to statistics released today by the Houston Association of Realtors'® Multiple Listing Service.

Total sales for the month, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties, lots and new homes listed on the MLS, topped out at 4,104 for February 2002, which is a 13.3 percent increase in cumulative sales from this time last year. Last year's total sales for February 2001 reached 3,624. When total cumulative sales figures for February 2002 are compared with January 2002, sales increased by a total of 457 properties sold.

The February record-breaking numbers included 422 new homes sold, which climbed 18 percent from last year's 357 homes sold through the Multiple Listing Service.

The total dollar volume closed last month was $624,047,486, an increase of 14.2 percent compared to last February's total of $546,441,907. The number of pending sales decreased from 3,294 in 2001 to 3,288 this year. Available inventory rose to 28,126 in February, compared to 27,876 last month.

"The Houston real-estate market continues to grow despite the flagging economy," said Bogany. "The low interest rates have motivated people to move forward with the sometimes difficult decision to purchase a home."
February Market Comparison
  February 2001 February 2002 Percent Change
Total sales 3,624 4,104 + 13.3%
Total dollar volume $546 million $624 million + 14.2%
Active listings 26,481 28,126 + 6.2%
Pending sales 3,294 3,288 - 0.2%
Single-family homes update

Single-family homes spent 85 days on the market, down one from last year's 86 days on the market. Total sales for single-family homes rose to 3,349 an increase of 13.3 percent from last year. The median price of $126,000 was 6.3 percent higher than last February's $118,560.

In February, 2,132 single-family homes sold for less than $149,999, an increase of 179 units from this time last year. Mid-priced home sales, homes ranging from $150,000 to $499,999, grew from 912 in February 2001 to 1,130 this year. Additionally, 87 homes sold for more than $500,000.

Townhouse/Condo and Country Homes Update

Townhouse/condominium figures increased last month to 455 sales with a median price of $89,250 compared to February 2001's totals of 420 and $78,000, respectively. Country homes, or homes with 10 or more acres, decreased in median price from $97,700 last year to $68,000 this year. Sales increased to 29 from 18 last February.
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 16,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. 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 25,000 listings 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 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 February 1988.)

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