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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 1999 Sales
Mid-Year Home Sales Confirm Seller’s Market in Houston
Houston Association of Realtors Reports Nearly 27,000 Sales To Date; Nearly 6,000 Homes Sold in June
 
HOUSTON (July 15, 1999) — Realtors posted the highest number of sales ever recorded in a single month in June, as market activity in Houston continued its seemingly unstoppable upward climb. With 5,935 sales closed in June, and 26,935 closed for the year-to-date, 1999 total existing home sales already are 13.6 percent ahead of last year’s record-breaking figure.

"It’s been unbelievable watching the records fall over the past couple of years and it gets more dramatic each month," said Frankie Jefferson, 1999 chairman-elect of the Houston Association of Realtors board of directors. "In 1997 we saw the first 4,000-sale month. Last year, the 5,000-sale barrier was broken, as was the $100,000 barrier for median price. Now, with June sales knocking at the 6,000-mark and pushing the single-family median to levels we’ve never seen before, it’s impossible to predict where the market will top out, or even whetherit will top out in 1999."

The Houston Association of Realtors’ Multiple Listing Service (HARMLS) reported that 15,752 homes were sold in the second quarter of 1999 resulting in a total dollar volume of more than $2.1 billion. This marks a 12.8 percent increase over second quarter 1998 in the number of homes sold, as well as a 21.8 percent increase in dollar volume.

During the second quarter of 1999, the median price of single-family homes climbed 8.7 percent from $102,990 in April to $112,000 in June, the highest median ever recorded. The median price means that half the homes sold for more, half for less.

As the median price increased significantly, inventory increased only slightly over the quarter, while the average number of days on the market for single-family homes dropped steadily from 76 days to 67 days. By contrast, in 1995, when the current record-high home sales and record-low inventory trend was beginning, homes were spending 100-110 days on the market.
 
1st Quarter Comparison
  2nd Quarter 1998 2nd Quarter 1999 Percent Change
Total property sales 13,957 15,752 +12.8%
Total dollar volume $1,780,724,738 $2,163,302,450 +21.8%
Active listings 24,808 22,492 -9.3%
Pending sales 12,451 12,670 +1.7%
Average days on market 83 71 -14.4%
 
Single-family home sales statistics show that more than 75 percent of all MLS areas experienced second-quarter growth over last year. Areas reporting second-quarter increases in single-family home sales of more than 30 percent were Southeast Montgomery County (70 percent), Northeast Montgomery County (55.2 percent), South Central Houston (51.7 percent), Far West Houston (43.4 percent), South Katy (39 percent), Waller County (36.3 percent), Northwest Montgomery County (35.8 percent) and the South Houston area (33.3 percent).

June Home Sales Approach 6,000

The 5,935 homes sold in June represent an 11.67 percent increase over last June, which set the previous record for one-month sales at 5,315. June sales contributed $856,133,700 to the total dollar volume for the quarter.

Buyers opened 4,343 contracts in June, the highest number recorded since HAR began tracking that statistic in 1994. The previous high also had been set in June 1998, at 4,283. Open contracts, also referred to as pending sales, are a traditional indicator of closed sales 30 to 60 days ahead, although the pace of today’s market means many homes are listed and sold within a single 30-day cycle, never being recorded as pending sales.

Available inventory rose to 23,029, up slightly over May’s 22,500. However, this represents a 6.8 percent dip in active listings compared to 24,720 for the same month last year. In the single-family home category alone, there was only a 3.8-month supply of homes on the market in June at the current rate of absorption.
 
June Comparison
  June 1998 June 1999 Percent Change
Total property sales 5,315 5,935 +11.6%
Total dollar volume $700,082,392 $856,133,700 +22.2%
Active listings 24,720 23,029 -6.8%
Pending sales 4,283 4,343 +1.4%
Average days on market 81 67 -17.4%
 
MLS also reported the median price for townhomes and condominiums in the Houston area during June was $69,750, up 4.8 percent over last June. The median price for high rise properties at $224,000, posted an increase of 43 percent over last June’s $156,500.

Single-family statistics for June also showed a 6-month or less inventory of homes in all price ranges under $250,000. Available inventory for homes priced between $250,000 and $400,000 is less than eight months.
 
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 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.