spacer
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®
August 2001 Sales
Existing Homes Sales Maintain Year's Record-Setting Pace Through August
 
HOUSTON (September 19, 2001) - Houston's existing home sales remained solid as total sales for the month of August kept the city on a record-breaking pace, according to statistics released today by the Houston Association of Realtors'® Multiple Listing Service. The median price of single-family existing homes for August closed at $129,000 as the third highest price ever recorded, while marking the first time in three months the median price fell below the $130,000 plateau.

Total sales for the month of August topped out at 5,741, the second highest total ever reached in the month. Additionally, total sales increased by 6.5 percent in comparison to August 2000. This represents the fifth time this year that total sales for a month have increased when compared to the same month from the previous year.

Total home sales continue to rise ahead of last year's record-setting pace, with 38,994 existing homes sold to date. Year-to-date existing home sales for the same period in 2000 totaled 38,160.

Available inventory began to decrease slightly, as the number of homes on the market dropped to 27,971 last month, down from 28,590 in July. When compared to August 2000, the number of homes on the market rose to 26,508, a 5.5 percent increase.

"Houston's market continues to remain strong," said Todd Mason, chairman of the Houston Association of Realtors, "and despite the national economic slowdown, Houston has just experienced one of its most successful home buying seasons."

In August, 2,979 homes sold for less than $149,999, up 2,950 from this time last year. Mid-priced home sales, homes ranging from $150,000 to $499,999, jumped from 1,424 in August 2000 to 1,692 this year. Additionally, 146 homes sold for more than $500,000, a decrease of six homes from last year.

As a result of the high median price, the total dollar volume closed last month at $905,310,555, reflecting an increase of 9.3 percent compared to last August's total of $828,365,583. Despite the higher prices, single-family existing homes spent only 77 days on the market.

Houston homebuyers opened 4,118 contracts in August, a increase of 147 from August 2000. Open contracts, also referred to as pending sales, are a traditional indicator of sales expected to close in the next 30 to 60 days.
August Comparison
  August 2000 August 2001 Percent Change
Total home sales 5,391 5,741 + 6.5%
Total dollar volume $828.4 million $905.3 million + 9.3%
Median price $119,000 $129,000 + 8.4%
Days on market 71 77 + 8.5%
Active listings 26,508 27,971 + 5.5%
High-Rise Properties, Townhouse/Condo and Country Homes Update

HARMLS reported a significant decrease in the median price for high rise properties for August, dropping 24.6 percent to $179,000 from last year's $237,500. High-rise sales also decreased to 44 last month compared to 45 in the same month last year.

Townhouse/condominium figures rose last month with 599 sales and a median rice of $82,000 compared to August 2000's totals of 523 and $72,000, respectively. Country homes decreased slightly in median price by 1.3 percent from $120,000 this year from $121,620 last August, while sales decreased from 22 last August to 21 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