Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 50,000 REALTORS®
MLS Report for July 2009 | ||||||||||||||||||||||||||||||||
July Marks Houstons Highest Home Sales Volume in a Year |
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Month also brings second highest median price of a single-family home; foreclosures recede |
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HOUSTON (August 18, 2009) Seasonal summer home buying and continued activity among first-time homebuyers translated to a significant improvement in single-family home sales across greater Houston in July, with the highest volume since July 2008 and the second highest median price in history. This comes despite year-over-year declines in overall property sales of 5.1 percent and 4.4 percent for single-family homes, according to new monthly data compiled by the Houston Association of REALTORS® (HAR). However, those declines are the smallest recorded since the economic downturn began in the fall of 2007. |
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* 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. | ||||||||||||||||||||||||||||||||
July sales of single-family homes in Houston totaled 5,788, down 4.4 percent from July 2008, and accounted for the 23rd consecutive monthly drop. However, that volume is the highest since July 2008, and the 4.4 percent decline is the smallest fluctuation since the market downturn started in late 2007. Year-over-year sales of single-family homes priced between $150,000 and $250,000the second busiest segment of the housing marketrose 1.2 percent in July. HAR also reports existing home statistics for the single-family home segment of the real estate market. In July 2009, existing single-family home sales totaled 4,928, a 2.5 percent decrease from July 2008. At $155,000, the median sales price for existing homes in the Houston area rose 3.3 percent compared to last year. The average sales price of $206,401 for the month was flat compared to one year earlier. Townhouse/Condo UpdateThe number of townhouses and condominiums sold in July fell compared to one year earlier. In the greater Houston area, 550 units were sold last month versus 586 properties in July 2008, translating to a 6.1 percent decrease in year-over-year sales. However, that still represents the highest sales volume since August 2008. The median price of a townhouse/condominium dipped 1.5 percent year-over-year to $133,000. The average price rose 2.6 percent to $169,838 from July 2008 to July 2009. Lease Property Update Houston Real Estate Milestones in July At $163,000, the median price of a single-family home was the second highest of all time; Sales of single-family homes priced between $150,000 and $250,000the second busiest segment of the housing marketrose 1.2 percent; Volume of single-family home sales reached the highest level since July 2008; Volume of single-family home sales reached the highest level since August 2008; Months inventory of single-family homes dipped from 6.7 to 6.5 months compared to the national average of 9.4 months; Active listings fell 13.4 percent, representing a generally balanced supply of housing inventory. |
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The computerized Multiple Listing Service of the Houston Association of Realtors® includes residential properties and new homes listed by 23,000 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 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. |