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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®
May 1997 Sales
May Home Sales In Houston Top 3,700
Median Price of Single-Family Homes Reaches New Record
 
Continuing the high pace of resale home sales in 1997, Houston-area Realtors posted the second highest May on record with 3,779 homes sold, only 0.2 percent behind a record-setting 1996, according to statistics reported by the Houston Association of Realtors (HAR) Multiple Listing Service (MLS).

In addition to the home sales numbers, HAR also reported that there were 30,684 active listings in May, the first time since November 1996 that active listings have reached 30,000. This represents a 7.4 month inventory of single-family homes at the current rate of absorption, continuing the low inventory trend that Houston has been experiencing for several months.

"Low inventory in our market does not mean Houstonians aren*t finding a great selection of homes," said Robin Mueck, chairman of the Houston Association of Realtors. "All four quadrants of Houston contain areas that are outperforming last year. Additionally, buyers opened more contracts last month than in May 1996, which was part of a great summer for the Houston real estate market. The numbers are pointing to a great second quarter for Houston residential real estate."

Buyers opened 3,669 contracts in May, a 0.8 percent increase over last year. Contracts opened, also referred to as pended, are a good indicator of closed sales 30 - 60 days ahead.

Mueck also noted the median price of single-family homes sold last month was $91,000, the highest-ever median price for single-family homes on record for any month. The median price means that half the homes sold for more, half for less. She added that the rise in prices could be in response to high demand outpacing the current inventory of homes.

Several MLS areas experienced significant growth in single-family home sales over last May including the Memorial Area (26.0 percent), Bear Creek (20.4 percent), Northwest Montgomery County (16.2 percent), and Central Fort Bend County (15.8 percent). The Northwest/FM 1960 Area led all areas with 200 single-family homes sold in May 1997.

The total dollar volume sold in May was $440,798,129. The average days on the market for single-family homes sold was 95.6. The median price for a townhouse/condominium was $55,000, down 2.7 percent from last year, but sales of townhomes and condominiums were up 11.7 percent from last May.
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 10,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. All reported MLS data is preliminary and subject to changes. 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 22,000 homes, 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