|July 2002 Sales|
|Houstonians Confident in Economy|
|Home Sales Continue to Rise - Days on Market at Record Low|
HOUSTON (Aug. 14, 2002) - Houston's home sales continue to see solid growth as total sales for the month of July
displayed a significant increase over July last year, keeping the city on a record-breaking pace for the year,
according to statistics released today by the Houston Association of Realtors® Multiple Listing Service.
Total sales for the month, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties and lots listed on the MLS, reached 5,920, which is a 6.8 percent increase in cumulative sales from this time last year. Last year's total sales for July 2001 reached 5,543.
Total sales continue to rise ahead of last year's record-setting pace, with 35,838 listings sold to date. Year-to-date existing sales for the same period in 2001 totaled 33,253.
The total dollar volume edged closer to the billion dollar mark as the value of sales that closed last month reached $972,246,348 million, an increase of 7.4 percent compared to last July's total of $905,624,335 million.
"We are fortunate as a city that it does not appear that Houston will face destabilized home prices in the form of a housing bubble any time soon," said HAR Chairman Shad Bogany. "Even with the increase in sales, total dollar volume and median price, Houston's prices do not even begin to compare to other large markets. We are still one of the least expensive larger markets in the country."
The number of pending sales decreased to 3,960 this year from 4,082 in 2001. Pending sales are the traditional indicator of the number of homes that will close within the next month. Available inventory rose to 32,737 in July, compared to 31,650 the previous month. This represents the highest volume of inventory since July 1996.
Single-family homes update
Single-family homes spent an average of 65 days on the market, dropping nine days from last year's 74 days on the market. The number of days on the market continued to drop for the seventh consecutive month, from this year's high of 87 days in January. Total sales for single-family homes rose to 4,961 an increase of 5.4 percent from last year.
"In July, homes flew off the market," said Bogany. "This is the lowest number of days on the market since HAR began keeping this statistic in 1999."
After rising continually for seven consecutive months, the median price of single-family homes plateaued at $135,000, remaining the same as last month and still representing the highest price ever recorded in Houston. The median price of $135,000 was 3.1 percent higher than last July's $131,000.
In July, 2,933 single-family homes sold for less than $149,999, an increase of 66 units from this time last year. Mid-priced home sales, homes ranging from $150,000 to $499,999 grew by more than 150 to 1,852 this year from 1,688 in July 2001. Additionally, 157 homes sold for more than $500,000.
Townhouse/Condo and Country Homes Update
Townhouse/condominium figures increased last month to 555 sales with a median price of $88,000 compared to July 2001's totals of 533 and $79,980, respectively. Country homes, or homes with 10 or more acres, decreased in median price to $160,000 this year from $168,620 last year. Sales increased to 54 from 24 last July.
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and
new homes listed by 16,000 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 largest local Realtor association in the nation. Residential home sales statistics as well as listing
information for more than 25,000 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.)