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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®
June 1997 Sales
MLS Report June Home Sales Are Second-Highest On Record
Second Quarter Resale Home Sales Reach 10,969
 
For the first time since August of 1988 and only the second time in Houston real estate history, resale home sales topped the 4,000 mark in one month with 4,053 homes sold in the month of June.

The Houston Association of Realtors (HAR) Multiple Listing Service (MLS) statistics reported that 18,544 homes have been sold in the first half of 1997. That number is up 2.3 percent over the first half of last year, a record-setting year for the Houston real estate market. MLS also recorded 10,969 homes sold in the second quarter of 1997, up 4.1 percent compared to 10,532 in 1996.

In addition, 11,191 contracts were opened during the second quarter of 1997, a 5.2 percent increase compared to 10,642 during the same time period last year. Contracts opened, also referred to as pended, are a good indicator of closed sales 30-60 days ahead.

In addition, 11,191 contracts were opened during the second quarter of 1997, a 5.2 percent increase compared to 10,642 during the same time period last year. Contracts opened, also referred to as pended, are a good indicator of closed sales 30-60 days ahead.

With an increase in the number of open contracts, Houston could continue to see increases in sales over the next two months, said Robin Mueck, 1997 chairman of the Houston Association of Realtors. A dip in interest rates during the second quarter combined with rising single-family home prices means now is the time for prospective home buyers who've been sitting on the fence to get into the market.

The median price of single-family homes sold in June was $94,900, up 4.5 percent of last month s record-breaking $91,000 and up 9.7 percent over June 1996. The median price means that half the homes sold for more, half for less. This increase coupled with the high number of homes sold contributed to a 7.1 percent increase in the total dollar volume sold for June to $490,392,857. The average days on the market for single-family homes sold in June was 95.6.

The 4,053 homes sold in June represent a 15.7 percent increase over last June. Buyers opened 4,006 contracts in June, 476 more than last year. The number of homes available dipped slightly to 30,192, the lowest inventory available in June since 1982.

Several areas experienced growth over the second quarter of 1996. Fort Bend Southwest experienced a 42.2 percent increase in resale single-family home sales. Other areas that reported strong second quarter increases were Montgomery County Southwest (25.0), Fort Bend East (22.1), Fort Bend Central (21.1), South Katy (18.5) and Far Northwest (14.4).

The Northwest Area, located between Interstate 45 and FM 249 and Beltway 8 to the south and Spring Cypress to the north, led all areas in total single-family home sales with 610.
 
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