Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®
|March 2003 Sales|
|March Home Sales Remain Firm Despite War|
|First Quarter Home Sales Up|
HOUSTON (April 17, 2003) - Houston home sales in March remained stable despite economic concerns that the war with Iraq
could adversely affect the nation's economy and local home sales. According to the Houston Association of Realtors®
Multiple Listing Service, total sales for March 2003, consisting of single-family homes, townhomes, multifamily,
country homes, high-rise properties, lots and new homes listed on the MLS, remained stable at 4,973. Last year's total
sales for March 2002 reached 4,901.
"People typically close on their home at the end of the month to avoid paying interest fees. We watched the market carefully to see if consumers would pull out of the market at the end of March, since the war began mid-month," said HAR Chairman Dovie Morgan. "Looks like consumers were confident enough in the country's actions to go ahead and close on their homes."
"The rise in inventory we're seeing does not have the same characteristics of the late 1980s. While the inventory
continues to increase, so do sales," Morgan said. "For example, during the last quarter, the real-estate industry still
pumped close to $2 billion into Houston's economy."
March single-family homes update
Total sales for single-family homes increased by 3 percent to 4,081 from last year's 3,964. The median price of single-family homes of $128,500 was slightly lower than last March's $129,900.
Houston real estate milestone
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and
new homes listed by more than 17,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of
Brazoria, Galveston, Waller and Wharton counties. For specific questions regarding a certain area, contact your
Realtor. 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.)
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 34,000 listings can be found on the Internet at https://www.HAR.com.