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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®
July 2001 Sales
Median Price of Existing Homes Remains Strong in July
Houston Housing Market Continues to Grow
 
HOUSTON (August 15, 2001) – One month after reaching an all-time high, the median price of single-family existing homes reached the second highest amount ever recorded, according to statistics released today by the Houston Association of Realtors’ Multiple Listing Service. July recorded a median price of $131,000, up from last July’s median price of $121,900.As a result of the high median price, the total dollar volume closed last month was $905,624,335, an increase of 16.12 percent compared to last July’s total of $779,933,619. Despite the high prices, single-family existing homes spent only 74 days on the market.

Total home sales are still ahead of last year’s record-setting pace, with 33,253 existing homes sold to date. Year-to-date existing home sales for the same period in 2000 totaled 32,769. Total sales for the month of July topped out at 5,543 increasing by 6.95 percent in comparison to July 2000.

“Houston’s mid-priced houses are reflecting the strongest growth,” said Todd Mason, chairman of the Houston Association of Realtors. “The lower interest rates combined with Houston’s stable economy are enabling younger couples to sell their starter homes at great prices and move up into larger, more expensive homes. Additionally, people who marginally qualified for a home now are able to take advantage of first-time home-buyer incentives and low down payment programs to move into their first home.”

In July, 2,867 homes sold for less than $149,999, up 10 from this time last year. Mid-priced home sales, homes ranging from $150,000 to $499,999, jumped from 1,386 in July 2000 to 1,688. Additionally, 242 homes sold for more than $500,000, an increase of 124 homes from last year.

The median price of $131,000 was 7.5 percent higher than last July’s $121,900. Buyers opened 4,082 contracts in July, an increase of 62 from July 2000. Open contracts, also referred to as pending sales, are a traditional indicator of sales expected to close on the next 30 to 60 days.

Available inventory continued to escalate, rising to 28,590 last month, up from 28,546 in June. This also represents an 8.6 percent increase in active listings compared to 26,328 for the same month last year.
July Comparison
  July 2000 July 2001 Percent Change
Total home sales 5,183 5,543 +6.95%
Total dollar volume $779.9 million $905.6 million +16.1%
Median price $121,900 $131,000 +7.5%
Days on market 66 74 +12.1%
Active listings 26,328 28,590 +9.96%
High-Rise Properties, Townhouse/Condo and Country Homes Update

HARMLS reported a tremendous decrease in the median price for high-rise properties for July, dropping 49.6 percent to $158,280 from last year’s $314,000. High-rise sales increased to 46 last month compared to 45 in the same month last year.

Townhouse/condominium figures rose last month with 533 sales and a median price of $79,980 compared to July 2000’s totals of 477 and $72,000, respectively. Country homes increased in median price by 19 percent from $141,740 last July to $168,620 this year, while sales increased from 21 last July to 24 this year.
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 11,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as 28 surrounding counties, including Brazoria, Galveston, Waller and Wharton counties. 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 25,000 homes can be found on the Internet at http://www.HAR.com.

The information published and disseminated to the HAR Multiple Listing Service (MLS) is communicated verbatim, without change by MLS, as filed by MLS participants. The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All MLS data is preliminary and subject to change. Monthly sales figures reported since August 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 January 1988.)

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