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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 1999 Sales
Existing Home Sales, Prices Continue Scorshing Pace In July
Third Quarter Begins with a Bang
 
HOUSTON (August 12, 1999) — Following the stellar numbers posted in June, statistics released today by the Houston Association of Realtors Multiple Listing Service indicate that July was another record-setting month in Houston. Existing home sales topped out at 5,599 and the median price for a single-family home shot up to $109,000, both figures establishing new records for the month of July.

Rather than deterring buyers, the increase in prices has resulted in heightened competition for listed homes, with homes sold in July spending an average of only 66 days on the market.

"With the third quarter off to such a roaring start and records continuing to fall month-to- month, the home sales market directly reflects the positive economic conditions Houston is currently experiencing," said Mark Woodroof, chairman of the board of the Houston Association of Realtors. "The excitement of the home sales market has spread to nearly every area around town, ranging from the suburbs to the downtown district. Houstonians still are presented with a terrific opportunity to purchase or sell great properties, so long as they are prepared to keep up with the fast pace of the market."

July home sales were up 7.3 percent over last year’s total of 5,218, while the median price of $109,000 was 6.9 percent higher than last July’s $102,000. The total dollar volume closed last month was $774,496,933, indicating an increase of 11.5 percent compared to last July’s total of $694,482,614. Buyers opened 4,224 contracts in July, a small increase over July 1999. Open contracts, also referred to as pending sales, are a traditional indicator of closed sales 30 to 60 days ahead.

Available inventory rose to 23,713 last month, up slightly over 23,029 in June. However, this represents a nearly 4 percent dip in active listings compared to 24,698 for the same month last year. Compared to last July’s 77 days, homes sold this July spent 11 fewer days on the market, at only 66 days.

MLS also reported the median price for townhomes and condominiums in the Houston area during July was $68,000, the highest it’s been since December 1998 and up slightly from last year’s $65,950. The median price for high rise properties was up 12.7 percent from last year to $137, 500. Country homes also showed a significant increase in median price rising 17 percent from $146,000 last July to $170,950 this year.

Among the MLS areas experiencing significant increases in median price in July over last year were:

Area 5 (Brazoria County) – from $105,000 in 1998 to $120,000 this year;
Area 9 (central North) – from $84,500 to $105,000;
Area 14 (Far Northwest) – from $86,650 to $102,250;
Area 23 (Memorial) – from $336,000 to $360,500;
Area 25 (Far West) – from $67,000 to $83,800;
Area 26 (Waller County) – from $73,700 to $108,000;
Area 31 (West) – from $120,000 to $142,000;
Area 36 (South Katy Area) – from $134,500 to $149,500; and
Area 37 (Fort Bend West) – from $86,000 to $106,950.
 
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.

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