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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 2002 Sales
Houston's Summer Home Sales Start with a Sizzle
Single-Month Home Sales Near Billion Dollar Benchmark
 
HOUSTON (June 18, 2002) – For the first time ever in Houston, the total dollar volume for home sales during the month of May reached an all time high of $990 million, according to statistics released today by the Houston Association of Realtors® Multiple Listing Service. In addition, the total number of homes sold during May also broke an all-time record.

Total sales for the month, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties and lots listed on the MLS, reached 6,044, which is a 7.3 percent increase in cumulative sales from this time last year. Last year’s total sales for May 2001 reached 5,632.

Total home sales continue to rise ahead of last year’s record-setting pace, with 24,192 homes sold to date. Year-to-date existing sales for the same period in 2000 totaled 21,983.

The total dollar volume closed last month reached $990,077,594 million, an increase of 14 percent compared to last May’s total of $867,937,359 million. This represents the highest total dollar volume ever recorded in Houston.

“I think these numbers are a positive indication of good things to come for the Houston real estate market this year,” said HAR Chairman Shad Bogany. “Looks like we’re operating in another record-breaking year.”

Pending sales continued on a roller coaster ride, as the number of pending sales decreased to 4,063 this year from 4,256 in 2001. Since January 2002, pending sales have increased 3 times and decreased twice. Pending sales are the traditional indicator of the number of homes that will close within the next month. As people prepared for the summer home buying season, available inventory rose to 30,574 in May, compared to 29,627 the previous month.

“Now is an excellent time to look for a home,” Bogany said. “Houston’s inventory levels have finally reached the 30,000 mark, which is a level that we have not seen since May 1987. This means Houston’s market has an excellent selection in every price range.”
May Comparison
  May 2001 May 2002 Percent Change
Total property sales 5,632 6,044 + 7.3%
Total dollar volume $868 million $990 million + 14.0%
Active listings 28,457 30,574 + 7.4%
Pending sales 4,256 4,063 - 4.5%
Single-family homes update

Single-family homes spent an average of 73 days on the market, dropping one from last year’s 74 days on the market. The number of days on the market continued to drop for the fifth consecutive month, from this year’s high of 87days in January. Total sales for single-family homes rose to 5,011 an increase of 6.1 percent from last year.

For the sixth consecutive month median prices continued to rise. The median price of $133,500 was 6.8 percent higher than last May’s $124,960, and represents the highest median price ever recorded in Houston. However, despite the increase among Houston’s homes, the median price still remains significantly lower than the National Association of Realtors® forecasted median price of $155,600, upholding Houston’s standing as one of the nation’s most affordable metropolitan areas.

In May, 3,002 single-family homes sold for less than $149,999, a decrease of 36 units from this time last year. Mid-priced home sales, homes ranging from $150,000 to $499,999, grew by more than 250 to 1,836 this year from 1,566 in May 2001. Additionally, 174 homes sold for more than $500,000.

“Home sales under $500,000 continue to drive the Houston housing market,” Bogany said.

Townhouse/Condo and Country Homes Update

Townhouse/condominium figures increased last month to 579 sales with a median price of $86,420 compared to May 2001’s totals of 569 and $85,000, respectively. Country homes, or homes with 10 or more acres, decreased in median price to $152,000 this year from $157,050 last year. Sales increased to 45 from 24 last May. 
 
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