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 2004 Sales
Hot Houston Housing Market Maintains Summer Sales Streak
Record Demand Continues to Match Available Supply, as More Houstonians Buy Homes
 
HOUSTON (August 17, 2004) – Total home sales in Houston reached 7,009 in July, representing the highest number of sales ever recorded in the month, according to statistics released today by the Houston Association of REALTORSΒ Multiple Listing Service. This figure also represents the second time home sales ever have exceeded the 7,000 mark in a single month. Houston’s home sales reached a record-breaking 7,415 last month, making this the best consecutive two-month sales period in the history of the Association.

Home buyers still have a reasonable selection of properties from which to choose, as the number of available properties in July 2004, consisting of single-family homes, town homes, multifamily, country homes, high-rise properties and lots listed on the MLS, topped out at 43,158, representing the highest level of inventory since August 1986. In relation to demand, however, the number of months of inventory remained constant at 6.4 months—essentially unchanged for the past 18 months.

“The rise in inventory our market is experiencing does not have the same characteristics of the late 1980s. While the inventory {supply} continues to increase, so have sales (demand),” said HAR Chairman and Stewart Title Chief Economist Ted C. Jones, Ph.D. “There is less than six months inventory in single family homes priced at $250,000 and less—but this significantly varies across areas.”

Year-to-date existing sales continue to shatter last year’s record-setting pace, with 41,857 listings sold. Year-to-date existing sales through July 2003 totaled 36,880.

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, had no change, and portends rising home values.
July (all categories)
All Classes July 2003 July 2004 Percent Change
Total home sales 6,467 7,009 +8.4%
Total dollar volume $1,128,069,997 $1,206,028,301 +6.9%
Active listings 38,485 43,158 +12.1%
Pending sales 4,066 4,575 +12.5%
Months inventory* 6.4 6.4 unchanged
* 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.
 
Single-family Homes Update

The median price of single-family homes dropped to $137,040 in July, after reaching a record-breaking $143,120 in June. The median price of $137,040 was 4.2 percent lower than last July’s $143,000.

Additionally, total sales for single-family homes increased by 7.1 percent to 5,849 from last year’s 5,460.

Houston Real Estate Milestones in July
  • Highest number of homes ever sold in the month of July
  • Best consecutive two-month period of sales in the history of the Association
  • Second highest number of homes ever sold in a single month
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    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.