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David Mendel

Public Relations Manager

Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®

November 2001 Sales
Houston Home Sales Defy Grim Economy
Houston Used-Home Market Poised to Break 2000 Home-Sales Records
HOUSTON (December 17, 2001) – Once again Houston’s existing-home market continues to grow as local home sales broke another three records for the month of November, according to statistics released today by the Houston Association of Realtors’ Multiple Listing Service. The median price of single-family existing homes for November closed at $123,000, marking the tenth-consecutive month that the median price stayed above the $110,000 plateau and posted the highest median price recorded for November. The median price rose 2.9 percent from last November’s price of $119,500.

Total sales for the month of November topped out at 4,014, with sales increasing by 3.2 percent in comparison to November 2000. Total home sales are out-racing last year’s record-setting pace, with 51,672 existing homes sold to date. Year-to-date existing home sales for the same period in 2000 totaled 50,767.

Available inventory decreased to 28,540 last month, down from 29,483 in October. This also represents the eleventh-consecutive month for the number of active listings to stay above 25,000, reflecting a 9.4 percent increase compared to 26,093 for the same month last year.

“This is a great time of the year to purchase a house,” said Todd Mason, chairman of the Houston Association of Realtors. “When compared to summer months, there is a much larger inventory with a comfortable median price. This makes for a good opportunity for both buyers and sellers in the Houston area.”

In November, 2,182 homes sold for less than $149,999, an increase of 30 units from this time last year. Mid-priced home sales, homes ranging from $150,000 to $499,999, grew from 963 in November 2000 to 1,083 this year. Additionally, 77 homes sold for more than $500,000, a decrease of seven homes from last year.

As a result of the median price, the total dollar volume closed last month was $600,504,408, an increase of 3.3 percent compared to last November’s total of $581,091,207. Despite a higher median price, single-family existing homes spent only 81 days on the market.

Another November record breaker involved the pending of 3,060 contracts in November, which is an increase from 2,884 in November 2000. Open contracts, also referred to as pending sales, are a traditional indicator of sales expected to close within the next 30 to 60 days.
November Comparison
  November 2000 November 2001 Percent Change
Total home sales 3,889 4,014 + 3.2%
Total dollar volume $581.1 million $600.5 million + 3.3%
Median price $119,500 $123,000 + 2.9%
Days on market 76 81 + 6.6%
Active listings 26,093 28,540 + 9.4%
High-Rise Properties, Townhomes/Condos and Country Homes Update

HARMLS reported a significant increase in the median price for high rise properties for November, jumping 32.1 percent to $350,000 from last year’s $265,000. High-rise sales, however, decreased 22 percent to 27 units last month when compared to 35 in the same month last year.

Townhouse/condominium figures increased last month to 416 sales with a median price of $80,000, compared to November 2000s totals of 392 and $73,750, respectively. Country homes increased in median price by more than 25.9 percent from $107,000 last year to $126,620 this year. Sales also increased to 34 from 30 last November.
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 homes can be found on the Internet at

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 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 January 1988.)