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 Sales
Houston's Home Sales Sizzle in June
Median Price on the Rise, Houston Still Among Nation’s Most Affordable
 
HOUSTON (July 19, 2004) – Houston’s property sales in June broke records as they reached the highest number of sales ever recorded in a single month. According to the Houston Association of REALTORS® Multiple Listing Service, property sales, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties, lots and new homes listed on the MLS, topped out at 7,415 last month. Additionally, year-to-date sales for 2004 grew to 34,848, up 14.6 percent compared to last year’s total of 30,413.

During June, the median price of a single-family home in the Houston area also rose to record-breaking status, reaching $143,120, the highest median price ever recorded. This is only the fourth time Houston’s median price has surpassed $140,000.

The median is the price where half of the homes sold for more and half sold for less.

“It is natural to see a gradual appreciation of home values over time,” said HAR Chairman and Stewart Title Chief Economist Ted C. Jones, Ph.D. “This is part of what makes real estate such a great investment. But despite the increase in median price, the fact remains that Houston still ranks among the nation’s most affordable major metropolitan cities.”

The national median existing home price was $183,600 in May, according to the National Association of REALTORS®.

All listing categories combined, Houston’s overall market showed an increase across the board including sales, available inventory, pending sales – those listings expected to close within the next 30 days – and overall total dollar volume. Months inventory, however declined.
June Market Comparison (all categories)
All Classes June 2003 June 2004 Percent Change
Total property sales 6,311 7,415 +17.5%
Total dollar volume $1,074,517,132 $1,343,639,511 +25.0%
Active listings 37,832 42,411 +12.1%
Pending sales 4,189 4,640 +10.8%
Months inventory 6.6 6.3 -4.5/%

All Classes 2nd Quarter 2003 2nd Quarter 2004 Percent Change
Total sales 17,582 20,250 +15.2%
Total dollar volume $2,897,298,291 $3,574,023,775 +23.4%
Avg. active listings per month 36,803 41,686 +13.3%
Total contracts opened 12,154 13,417 +10.4%
 
Houston Real Estate Milestones
  • The most homes ever sold in a single month.
  • The largest number of available properties in the Houston market since September 1986.
  • The largest single-family median price ever recorded.


  • * Months inventory estimates the number of months it will take to deplete current active inventory based on the prior twelve months sales activity. This figure is representative of the single-family homes market.
     
    The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 18,000 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 second largest local Realtor association in the nation. Residential home sales statistics as well as listing information for more than 40,000 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 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.)