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MLS Press Release

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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®
August 2003 Sales
Houston Market Experiences Highest Level of Available Properties in 15 Years
Local Home Sales Break Record and Continue to Top $1 Billion
 
HOUSTON (Sept. 17, 2003) – Consumers looking to move to Houston have a great selection of properties from which to choose, according to statistics released today by the Houston Association of REALTORS® Multiple Listing Service. The number of available properties in August 2003, consisting of single-family homes, town homes, multifamily, country homes, high-rise properties and lots listed on the MLS, topped out at 38,336, representing the highest level of inventory since May 1988.

Additionally, total sales for August reached 6,255, representing the highest number of sales ever recorded in the month of August. The total sales of 6,255 demonstrated a 12 percent increase in cumulative sales from last year’s 5,583.

“Our market continues to perform,” said HAR Chairman Dovie Morgan. “Despite the typical seasonal slowdown, more than 3,700 properties are slated to close during September. People are still responding to the interest rates, and I think they are finally realizing they are not going any lower.”

Total sales continue to rise ahead of last year’s record-setting pace, with 43,135 listings sold to date. Year-to-date existing sales through August 2002 totaled 41,421.
August Market Comparison
August 2002 August 2003 Percent Change
Total property sales 5,583 6,255 +12%
Total dollar volume $901 million $1.05 billion +16.3%
Active listings 33,430 38,336 +14.7%
Pending sales 3,614 3,743 +3.6%
 
Single-family Homes Update

The median price of single-family homes reached $140,000 in August, representing the highest median price ever recorded in August. The median price of $140,000 was 3.8 percent higher than last August’s $134,900. Houston’s median price of $140,000 is 30.1 percent lower than the national median price, which topped out at $182,100 in July, according to statistics released by the National Association of REALTORS®.

Additionally, total sales for single-family homes increased 4.6 percent to 5,208 from last year’s 4,656. Within this category, 495 of the homes sold were new homes listed by Realtors, versus 611 new homes sold through the MLS during July 2002.*

The following chart displays the number of single-family homes sold in August based on price range.
August Single-family Price Class Comparison
Price Class August 2002 Sales August 2003 Sales
$1 - $149,999 2,724 2,890
$150,000 - $299,999 1,438 1,771
$300,000 - $499,999 348 385
$500,000 - $999,999 131 137
$1 million and more 15 25
 
Houston Real Estate Milestones
  • Highest number of sales ever recorded in the month of August.
  • Highest level of inventory since May 1988.
  • Total dollar volume for single month exceeded $1 billion for third consecutive month.
  • Highest median price ever recorded in August.
  • * This statistic represents new homes that are listed by Realtors and is not representative of all new homes sold in these areas.
     
    The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 18,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. The Houston Association of Realtors is the largest trade association in Houston and the second largest local Realtor association in the nation. Residential home sales statistics as well as listing information for more than 35,000 listings 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 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.)