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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®
August 2004 Sales
Houston Existing-Home Sales on Track for Record-Breaking Year
Low Interest Rates and Plenty of Available Properties Extend Strong Market
 
HOUSTON (September 16, 2004) – Houston’s real estate market showed strong gains yet again in August, according to statistics released today by the Houston Association of REALTORS® Multiple Listing Service. Total sales for August reached 6,827, representing the highest number of sales ever recorded in the month of August.

Additionally, year-to-date existing-home sales continue to rise ahead of last year’s record-setting pace, with 48,787 listings sold. Year-to-date existing sales through August 2003 totaled 43,839.

“August marks the sixteenth consecutive month in which sales of existing homes have broken records for their respective months. And with more than 4,400 properties slated to close this month, September looks to continue this trend,” said HAR Chairman and Stewart Title Chief Economist Ted C. Jones, Ph.D. “Housing sales are seasonal in nature. In the past six years, June, July and August have averaged 10.3 percent, 10.0 percent and 9.8 percent of all annual closings, respectively. September accounted for 8.1 percent of all sales in the same period. So while a decline is seasonally expected, September portends to be another outstanding month.”

All listing categories combined, Houston’s overall market experienced 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 of single-family homes rose slightly from 6.1 months a year ago to 6.4 months in August 2004.
August (all categories)
All Classes August 2003 August 2004 Percent Change
Total home sales 6,414 6,827 +6.4%
Total dollar volume $1,071,029,337 $1,174,584,300 +9.7%
Active listings 38,336 43,207 +12.7%
Pending sales 3,743 4,439 +18.6%
Months inventory* 6.1 6.4 +4.9%
* 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 reached $139,000 in August, representing the second highest median price ever recorded in the month of August in Houston. Last August’s median price of $139,900 holds the record for the month. The median is a typical market price where half of the homes sold for more and half sold for less.

Houston’s current median price of $139,000 is 27.3 percent lower than the national median price, which reached $191,300 in July, according to statistics released by the National Association of REALTORS®. This data continues to show the tremendous value and lower cost of living afforded to Houstonians.

Additionally, total sales for single-family homes increased by 6.4 percent to 5,665 from last year’s 5,325.

Houston Real Estate Milestones in August
  • Highest number of homes ever sold in the month of August.
  • Highest number of available homes for sale since August 1986.
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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.

    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