Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®
|June 2006 Sales|
|Houston Real Estate Sales And Pricing Set New All-Time Records For Second Month In A Row|
|Houston Benefits from National Weakness, Experiences Heat Up with Summer|
HOUSTON (July 13, 2006) While Houston temperatures this summer may be hovering below 100 degrees, no one can argue that
Houston real estate is anything but hot. With signs of weakness in previously strong markets in the country, anecdotal
evidence shows that investment dollars are pouring into the greater Houston market, which only adds to the existing demand
for prime property. Fortunately for both buyers and sellers, the steady, moderate increases in prices allow for good deals
to be had by all.
Total property sales for the month totaled 9,166, which was a 14.1 percent increase over June 2005. Properties sold during the month reached a total of nearly $1.9 billion, a 26.2 percent increase compared to last years nearly $1.5 billion in June sales. Additionally, the median home price for a single-family home reached an all-time record of $156,000, and the average single-family home price rocketed past last months record, topping the $200,000 mark for the second time at $213,634, increases from last year of 7.2 and 10.4 percent, respectively.
This market just continues to amaze all of us with each passing month. Our members are reporting that they have never seen it as busy as it has been so far this summer, said Lorraine Abercrombie, HAR Chair and Marketing Director for Greenwood King Properties. With interest rates also on course to rise during the coming year, this may be the best time for someone looking to buy or sell a home in the greater Houston area.
June Monthly Market Comparison
All listing categories combined, Houstons overall housing market in June saw increases in most categories, including total property sales, average sales price, median sales price, and overall total dollar volume on a year-over-year basis.
The number of available homes (active listings) at the end of June was 44,442 properties, which was a decrease of 2.1 percent versus last June and the 10th consecutive month with a year-over-year decline. The figure was an increase of 944 properties from last month though, which shows there are still plenty of available homes for purchase.
Month-end pending sales those listings expected to close within the next 30 days reached 5,703, which was up 5.1 percent from last year, and signals a fairly strong July for sales. The months inventory of single-family homes for June came in at 5.4 months. This statistic signals more of a sellers market and also shows that demand is more than keeping up with the available supply of homes, as displayed by June reporting the 20th consecutive decline in year-over-year months inventory figures.
|* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.|
Single-family Homes Update
The overall median price of single-family homes reached an all-time record of $156,000, which was an increase of 7.2 percent compared to the prior year, and the average sales price for single-family homes was $213,634 during June, which was up 10.4 percent versus the same period last year. The median is a typical market price where half of the homes sold for more and half sold for less than that figure.
Houstons current median price of $156,000, while an all-time record for the Houston market, is 32.1 percent less than the national median price, which reached $229,700 in May, 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 continued its streak of year-over-year increases, marking 29 consecutive months that sales have been higher than the same month of the previous year. For June 2006, single-family home sales increased by 13.4 percent to 7,588, up from last years 6,694.
HAR is now also reporting existing home statistics for the single-family home segment of the real estate market. For the month of June 2006, existing single-family home sales totaled 6,587, which was a 13.2 percent increase from June 2005. The median sales price for existing homes in the Houston area was $150,000, an increase of 8.3 percent compared to the same period last year. The average sales price for the month of $205,946 was an increase of 12.0 percent from last years level.
The overall median price in the townhouse/condo segment in Houston was up 4.7 percent for June, with the median sales price for the month being $125,000. The average sales price for which a townhouse or condo sold in the greater Houston area was $160,327 in June 2006, which was a 7.9 percent increase from the same month last year.
Additionally, the number of townhouses and condos that sold in June increased substantially compared to last year’s sales, with 856 units being sold last month, versus 708 properties in June 2005, or a 20.9 percent increase in year-over-year sales.
Houston Real Estate Milestones in June
The computerized Multiple Listing Service of the Houston Association of
REALTORS® includes residential properties and new homes listed by 22,000
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 about 43,000 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 23,000-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.