Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®
|June 2002 Sales|
|Second Quarter Sales Remain Strong, Monthly Sales Stable|
HOUSTON (July 15, 2002) Existing home sales for the second quarter of 2002, as reported in Houstons Multiple Listing
Service, increased 5.6 percent over the second quarter of 2001, according to statistics released today by the Houston
Association of RealtorsÒ Multiple Listing Service. In addition, existing sales in June remained stable, when compared
to June 2001, but still remain in record-breaking territory.
There has been a lot of talk in the news media about a real estate bubble with regard to home sales, and even with the increase in median price, I believe that Houston will be safe, said Shad Bogany, chairman of the Houston Association of Realtors. The Houston market has been undervalued for years and Houstonians still are not facing the higher prices that people in California see daily.
Total Sales Reach High in Second Quarter
Total sales for the second quarter of 2002, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties, lots and new homes listed on the MLS, topped out at 17,192 for 2002, which is a 5.6 percent increase in cumulative sales from this time last year. Last years total sales for the second quarter of 2001 reached 16,278.
The total dollar volume closed during the second quarter of this year was $2.8 billion, an increase of 10.7 percent compared to last years total of almost $2.6 billion. The number of pending sales increased just slightly from 11,729 during the second quarter last year to 11,863 this year.
Throughout the second quarter of 2002, the median price of single-family homes climbed 3.9 percent to $135,000 in June from $129,900 in April. Available inventory increased from 29,627 active listings in April to 31,650 active listings in June, while the average number of days on the market for single-family homes dropped from 79 days to 71 days.
Month-to-Month June Comparison
Houstons sales for the month topped out at 5,726 for June 2002, dipping by only one sale when compared to June 2001s total sales of 5,727.
The total dollar volume closed last month was $971,073,986, an increase of 4.2 percent compared to last Junes total of $931,524,182. The number of pending sales decreased 9 percent from 3,963 in 2001 to 3,605 this year. Pending sales are the traditional indicator of sales expected to close within the next 30 to 60 days. Available inventory rose to 31,650 in June, compared to 30,574 last month.
Single-Family Homes Update
Single-family homes spent 71 days on the market, down six days from June 2001, when homes spent an average of 77 days on the market. Total sales for single-family homes decreased by 2.3 percent to 4,737 from last year.
Despite the ease in home sales over the past month, our overall sales for the second quarter are still climbing, said Shad Bogany, chairman of the Houston Association of Realtors. National real estate economists continue to predict that sales in 2002 will exceed last years record-breaking numbers, and I am confident that the Houston market will prove true, given our resilient track record.
The median price of single family homes continued its record-breaking climb when it reached $135,000 representing a 2.9 percent increase over last Junes $131,250. This also represents the highest median price ever recorded.
In June, 2,761 single-family homes sold for less than $149,999, a decrease of 147 units from this time last year. Mid-priced home sales, homes ranging from $150,000 to $499,999, decreased to 1,786 this year from 1,787 in June 2001. Additionally, 197 homes sold for more than $500,000.
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 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 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.)