|October 2004 Sales|
|Houston Existing Home Sales Extend Upward Trend|
|Across the board strength shows confidence, strength in Houston market|
HOUSTON (November 16, 2004) Despite some signs of home sales slowing in other parts of the country, Houstons
residential housing market continued to reflect economic confidence and optimism, according to statistics released
today by the Houston Association of REALTORS® Multiple Listing Service. Total property sales for October reached 5,741,
which once again represented the highest number of sales ever recorded in Houston in the month of October.
Additionally, year-to-date existing-home sales continue to rise ahead of last years record-setting pace, with 60,334 listings sold so far this year, a gain of more than nine percent from the same period last year. Year-to-date existing property sales through October 2003 totaled 55,154.
The continuation of highly-favorable interest rates coupled with a net gain of 24,600 new jobs in the past 12-months in Houston resulted in an all-time record for housing sales for October, said HAR Chairman and Stewart Title Chief Economist Ted C. Jones, Ph.D. Last week, 30-year residential mortgage rates were more than a quarter of percent less that the same week in 2003, portending continued strength in the housing sector. Depending on the price range and area, however, there are some market segments offering the best selection to prospective buyers in more than three years.
All listing categories combined, Houstons overall housing 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 on a year-over-year basis. Months inventory of single-family homes also rose slightly from 6.1 months last year to 6.3 months in October 2004.
|* 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 $133,800 in October, a three percent increase from the same month last year. This month marks the highest median price ever recorded in the month of October in Houston. The median is a typical market price where half of the homes sold for more and half sold for less that that figure.
Houston's current median price of $134,900 is 28.3 percent less than the national median price, which reached $186,600 in September, according to statistics released by the National Association of REALTORS®. These data continue to show the tremendous value and lower cost of living afforded to Houstonians.
Additionally, total sales for single-family homes in Houston increased by 0.5 percent to 4,613 in October from last year's 4,589.
Houston Real Estate Milestones in October
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 https://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.