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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 2003 Sales
Houston's Housing Market Keeping Pace, Year-to-Date Sales Slightly Down, Records Set for May
Low Mortgage Rates, Low Median Prices and Increased Listings Give Houstonians More Choices
 
HOUSTON (June 18, 2003) - According to the Houston Association of Realtors®' Multiple Listing Service, year-to-date sales for 2003, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties, lots and new homes listed on the MLS, are 24,102, down 90 sales when compared to last year's sales totaling 24,192.

"We are running neck-and-neck with last year's home sales," said HAR Chairman Dovie Morgan. "However, we are not concerned. Within the past few years, Houston has proven itself over and over again as a resilient market."

According to the latest Beige Book survey from the U.S. Federal Reserve, economic activity increased and showed signs of recovery in several districts across the United States including the Dallas District, which encompasses Houston. The unwinding of war-related concerns appears to have provided some lift to business and consumer confidence, with low mortgage rates continuing to stimulate residential home sales.

"Despite being behind in sales for the year, home sales in May are the highest they have ever been," Morgan said. "Houston's real estate market offers consumers a unique dynamic. The median price of $133,160 is significantly lower than the national average, which is hovering around $160,000. We have 20 percent more homes on the market than we did at this time last year, and interest rates are the lowest they have been in forty years. This creates the ideal situation for a home buyer."
May Market Comparison (all categories)
May 2002 May 2003 Percent Change
Total home sales 6,044 6,074 +0.5%
Total dollar volume $990 million $987 million -0.3%
Active listings 30,574 36,722 +20%
Pending sales 4,063 4,066 +\-0%
 
Single-family homes update

Total sales in May for single-family homes increased to 5,073, representing a 1.2 percent growth in listings sold compared to last year's figure of 5,011. Within this category, 537 of the homes sold were new homes listed by Realtors, versus 630 new homes sold through the MLS during May 2002.*

The median price of single-family homes, including existing and new homes, in May reached $133,160 representing a slight decrease over last May's figure of $133,500.
May price class comparison (single-family homes)
Price Class May 2002 Sales May 2003 Sales
$1 - $149,999 3,002 3,050
$150,000 - $299,999 1,489 1,519
$300,000 - $499,999 347 343
$500,000 - $999,999 148 131
$1 million and more 26 31
 
Houston Real-Estate Milestones
  • Highest number of homes ever sold in May.
  • Highest number of pending sales ever recorded for May.
  • * This statistic represents new homes that are listed by Realtors, and is not representative of all new homes sold in these areas.
     
    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 second 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