close

Post your place or search Harvey Temporary Housing.

spacer
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 2005 Sales
Houston Area Real Estate Sales Hot As All-Time Highs Reached
Number of Sales, Prices Rise with More Houstonians Realizing the American Dream
 
HOUSTON - (June 22, 2005) - Residents of the greater Houston region continue to see their home values appreciate as both median and average sales prices reached all-time highs in May, according to statistics released by the Houston Association of REALTORS® Multiple Listing Service. Monthly home sales also reached a new record high, beating out June 2004, which marked the previous record.

Total property sales for the month totaled 7,690, which was an 18.6 percent increase over May 2004. Properties sold during the month reached a total of nearly $1.4 billion, a 22.7 percent increase compared to last year's near $1.1 billion in May sales. Additionally, year-to-date total property sales reached 29,716, which is an increase of 7.7 percent over the first five months of 2004.

"Houston's real estate market continues to be among the most stable in the country, with all indicators pointing up for both sales and prices," said Toni C. Nelson, HAR Chair and a Division Vice President for Coldwell Banker United, REALTORS®. "All-time record sales price and volume figures for homes in May show that real estate maintains its status as one of the best investments. This is truly a great time to consider buying or selling a home in Houston."

May Monthly Market Comparison

All listing categories combined, Houston's overall housing market in May experienced increases across the board including total property sales, average sales prices, median sales price, available inventory, pending sales - those listings expected to close within the next 30 days - and overall total dollar volume on a year-over-year basis.

The number of available homes (active listings) at the end of May was 44,983 properties, which was an increase of 7.6 percent versus last May and a new all-time record. Month-end pending sales of properties reached 5,143, which was up 19.4 percent from last year, and was also an all-time record high. The months inventory of single-family homes for May was down slightly at 6.2 months, which remains low, signaling more of a seller's market and also shows that demand is keeping up with the available supply of  homes.
May (all categories)
All Classes May 2004 May 2005 Percent Change
Total property sales 6,484 7,690 +18.6%
Total dollar volume $1,138,564,233 $1,397,171,315 +22.7%
Average single-family sales price $184,314 $190,275 +3.2%
Median single-family sales price $138,000 $144,800 +4.9%
Active listings 41,789 44,983 +7.6%
Pending sales 4,307 5,143 +19.4%
Months inventory* 6.4 6.2 -3.0%
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.
 
Single-family Homes Update

The overall median price of single-family homes reached $144,800 in May, which was an increase of 4.9 percent compared to the prior year, and the average price for single-family homes reached $190,275, which was up 3.2 percent versus the same period last year. The median is a typical market price where half of the homes sold for more and half sold for less than that figure.

Houston's current median price of $144,800 is 28.9 percent less than the national median price, which reached $203,800 in April, according to statistics released by the National Association of REALTORS®. These data continue to show the tremendous value and lower cost of living afforded to Houstonians.

Additionally, total sales for single-family homes in Houston increased by 19.9 percent to 6,396 in May, up from last year's 5,334. In the first five months of 2005, 24,463 single-family homes sold, which was an 8.3 percent increase over the 22,579 homes sold during the same period in 2004.

For the first time in HAR's history, we are now also reporting existing home statistics for the single-family home segment of the real estate market. For the month of May 2005, existing single-family home sales totaled 5,534, which was a 20.3 percent increase of from 4,600 in May 2004. The median sales price for existing homes in the Houston area was $137,000, an increase of 4.4 percent compared to the same period last year. The average sales price for the month of $180,278 was a decrease of 3.0 percent from last year's level.

Townhouse/Condo Update

The overall median price in the townhouse/condo segment in Houston rose by 3.5 percent, from $112,000 in May 2004 to $115,950 last month. The average sales price for which a townhouse or condo sold in the greater Houston area was $148,233 in May 2005, which was a 6.2 percent increase from the same month last year.

Additionally, the number of townhouses and condos that sold in May were up compared to last year's sales, with 680 units being sold last month, versus 645 properties in May 2004. In the first five months of 2005, 2,653 townhouse/condos have sold, which was a 1.0 percent increase compared to the 2,626 units sold in the first five months of 2004.

Houston Real Estate Milestones in May
  • Marked the highest-ever number of pending home sales at month-end.
  • Reached the highest number of homes sold in the month of May.
  • Achieved the highest number of available homes (active listings) at month-end.
  • Reached the highest-ever average sales price for single-family homes.
  • Marked the highest-ever median sales price for single-family homes.
  •  
    The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 19,000 REALTORS throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 40,000 properties 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 includes 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.)

    Founded in 1918, the Houston Association of REALTORS® (HAR) is a 20,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual membership trade association in Houston, as well as the second largest local association/board of REALTORS® in the United States.

    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