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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®
April 2000 Sales
Median Price of Existing Homes Sets New Record As Second Quarter Begins
Total Dollar Volume Continues to Soar
 
HOUSTON (May 10, 2000) – As Houston’s home-buying season proceeds, the median price of single-family existing homes reached the highest amount ever recorded, according to statistics released today by the Houston Association of Realtors’ Multiple Listing Service. The median price of single-family homes soared to $115,000 marking the second time this year the median price has established a new record.

Total sales for the month of April topped out at 4,589, slightly down by 3.9 percent in comparison to April 1999. This represents the first time since 1994 that total sales for a month have decreased when compared to the same month from the previous year. However, total home sales are still ahead of last year’s record-setting pace, with 16,300 existing homes sold-to-date.

As a result of the high median price, the total dollar volume closed last month was $667,848,330, an increase of 6.5 percent compared to last April’s total of $626,884,202. Despite the high prices, single-family existing homes spent only 74 days on the market, establishing a new record for April.

"The second quarter is off to a tremendous start, keeping us ahead of last year’s incredible pace," said Frankie Jefferson, madam chairman of the Houston Association of Realtors. "The high median price but lower home sales can be attributed in part to rising interest rates. However, in comparison to other large metropolitan areas across the nation, Houston remains extremely affordable in terms of housing and cost of living."

April existing home sales were slightly lower than last year’s total of 4,777, while the median price of $115,000 was 11.7 percent higher than last April’s $102,990. Buyers opened 3,686 contracts in April, a slight decrease from April 1999. Open contracts, also referred to as pending sales, are a traditional indicator of closed sales 30 to 60 days ahead.

Compared to last April’s 76 days, single-family existing homes sold this April spent two fewer days on the market.

Available inventory rose to 24,375 last month, up slightly over 23,931 in March. This also represents an 11.1 percent increase in active listings compared to 21,946 for the same month last year.
 
April Comparison
  April 1999 April 2000 Percent Change
Total property sales 4,777 4,589 -3.9%
Total dollar volume $627,000,000 $668,000,000 +6.5%
Median price, single-family home $102,990 $115,000 +11.7%
Days on market 76 74 -2.6%
Active Listings 21,946 24,375 +11.1%
 
High Rise Properties, Townhouse/Condo and Country Homes Update

HARMLS reported a tremendous decrease in the median price for high rise properties for April, falling 27.7 percent to $180,750 from last year’s $250,000. High rise sales increased to 30 last month compared to 26 in the same month last year.

Townhouse/condominium figures varied last month with 424 sales and a median price of $80,950 compared to April 1999’s totals of 429 and $66,500, respectively. Country homes rose.

significantly in median price by more than 37 percent from $83,000 last April to $113,860 this year, however sales decreased from 27 last April to 25 this year.

Top MLS Areas in April

Area 9 (Central North) – from $100,000 in 1999 to $135,000 this year;
Area 17 (Southwest) – from $310,900 to $377,500;
Area 20 (Bellaire South) – from $92,000 to $119,900;
Area 22 (Central West) – from $270,000 to $319,500;
Area 23 (Memorial) –from $305,000 to $368,000;
Area 27 (Grimes, San Jacinto, Liberty Counties) – from $57,500 to $84,000; and
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by more than 17,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. For specific questions regarding a certain area, contact your Realtor. 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.)

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 34,000 listings can be found on the Internet at http://www.HAR.com.

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