Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®
|November 2004 Sales|
|Houston 2004 Home Sales Surpass 2003 - With One Month Remaining|
|More than 65,000 properties have changed hands in this record-breaking year|
HOUSTON (December 15, 2004) Houston existing home sales once again set a new monthly record, as well as set a new
annual sales record, even with one month remaining in the year, according to statistics released today by the Houston
Association of REALTORS® Multiple Listing Service. Total property sales for November reached 5,222.
Additionally, year-to-date existing-home sales broke last years record-setting level, with 65,637 listings sold so far this year, a gain of more than 10 percent from the first 11 months of 2003. Year-to-date existing property sales through November 2003 totaled 59,491.
Houstons highly-affordable housing coupled with interest rates less than 6 percent and the creation of 27,700 net-new additional jobs in the past 12 months have energized housing demand and led to record sales, said HAR Chairman and Stewart Title Chief Economist Ted C. Jones, Ph.D. While 2005 may not top this all time record, Houston is in for an extended duration of significant housing demand. The Texas State Data Center forecasts that the Houston Metropolitan Statistical Area will grow from 5.3 million people in 2005 to 6 million by 2010an average increase of 140,000 individuals per year. The combined demographic and economic demand portends rising home values and sales activity.
All listing categories combined, Houstons overall housing market experienced double digit percentage increases 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 fell slightly from 6.1 months last year to 6.0 months in November 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 $132,200 in November, only a negligible increase from the same month last year, but this month still marks the second highest median price ever recorded in the month of November 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.
Houstons current median price of $132,200 is 29.3 percent less than the national median price, which reached $187,000 in October, 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 22.0 percent to 4,323 in November from last years 3,544.
Houston Real Estate Milestones in November
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.