Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®
|MLS Report for June 2008|
Houston Area Home Prices Reach Record Highs In June Despite Another Drop In Sales
Soaring average and median prices remain the silver lining of the sales slowdown that began last fall
HOUSTON (July 15, 2008) Despite a tenth consecutive monthly decline in sales, the average and median prices of a single-family home in the greater Houston area soared to record highs in June, according to statistics released by the Houston Association of REALTORS® (HAR). Single-family home sales slid 14.7 percent on a year over year basis. However, the number of closed sales was the highest since last August.
The average price of a single-family home rose by 4.5 percent last month to $228,448, surpassing the previous high of $218,583 in June 2007. The median price of a single-family home rose 1.3 percent last month to $162,000, surpassing its previous high of $160,000, also from last June.
Sales of all property types for June 2008 totaled 7,237, reflecting a 15.1 percent drop compared to June 2007. Total dollar volume for properties sold during the month was recorded at $1.6 billion versus $1.8 billion one year earlier, a 10.7 percent decline.
Were not out of the woods, however the Houston real estate market continues to show positive indicators that others around the country consider enviable, said Michael Levitin, HAR chairman and principal of HTownRealty.com. Single-family and townhome pricing now exceeds levels seen even during the 2007 record year and the Days on Market figure has improved steadily each month this year. A number of brokers, particularly those specializing in Inner-Loop listings, have recently announced record months for sales performance, underscoring the point that real estate is local.
June Monthly Market Comparison
The number of available homes, or active listings, at the end of June was 53,792 properties, a 2.0 percent increase over June 2007. The figure was up 487 properties from May 2008.
Month-end pending sales those listings expected to close within the next 30 days totaled 4,456, which was 20.6 percent lower than last year and strongly suggests the likelihood of another sales decline next month. The months inventory of single-family homes for June came in at 6.7 months, a slight increase from Mays 6.6-month figure. This compares to the June 2007 single-family homes inventory of 6.2 months.
|* 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.|
Additionally, total June sales of single-family homes in Houston came in at 6,113, which was 14.7 percent lower than June 2007. Positive year-over-year sales activity continued in Houstons low-end single-family home market, with a 29.3 percent increase among homes priced below $80,000.
HAR also reports existing home statistics for the single-family home segment of the real estate market. In June 2008, existing single-family home sales totaled 5,252, which was a 12.6 percent decrease from June 2007. At $211,653, the average sales price for existing homes in the Houston area rose 3.1 percent compared to the same period last year. The median sales price of $154,900 for the month increased 1.9 percent on a year-over-year basis.
The Days on Market (DOM) statistic for June dropped to 76 from 79 a month earlier, slightly exceeding the 72 days registered in June 2007. The DOM is at its lowest level since last September.
The number of townhouses and condominiums sold in June reached the highest level since August 2007, but was down from one year earlier. In the greater Houston area, 638 units were sold last month versus 708 properties in June 2007, translating to a 9.9 percent decrease in year-over-year sales.
Houston Real Estate Milestones in June
Highest average single-family home sales price ($228,448);
Highest median single-family home sales price ($162,000);
Highest average sales price for townhouses/condominiums ($179,331);
Largest number of single-family home sales since August 2007;
Largest number of townhouse/condominium sales since August 2007;
Sales of single-family homes below $80,000 rose by 29.3 percent;
Lowest Days on Market since September 2007.
|The computerized Multiple Listing Service of the Houston Association of Realtors® includes residential properties and new homes listed by 26,000 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 53,000 properties may 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 27,000-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.