|June 2000 Sales|
|Mid-Year Home Sales Figures Indicate Strong Market
Houston Association of Realtors Reports More Than 27,000 Sales to Date; Nearly 6,000 Homes Sold in June
HOUSTON (July 12, 2000) According to statistics released today by the Houston Association of Realtors
Multiple Listing Service (HARMLS), existing home sales figures remain ahead of last years record-setting pace.
Total sales reached the second highest amount ever recorded peaking at 5,872 for the month of June, which is slightly
lower than last Junes standing record of 5,935. The median price of single-family existing homes continued to
rise, establishing a new all-time high of $122,000.
With 5,872 total sales closed in June, and 27,586 closed through the second quarter, 2000 year-to-date, existing home sales already are 2.4 percent ahead of last years record-setting figures. Total sales through the second quarter of 1999 equaled 26,935.
"This marks the second year in a row that existing home sales in June have flirted with the 6,000 mark, indicating that Houstons home-buying season is in full swing," said Frankie Jefferson, madam chairman of the Houston Association of Realtors board of directors. "With interest rates continuing to fluctuate, consumers who are willing to keep up with the markets pace can buy or sell good properties in nearly every area of town."
The Houston Association of Realtors reported that 15,875 homes alone were sold in the second quarter of 2000 resulting in a total dollar volume of more than $2.3 billion. This marks a slight increase over second quarter 1999 in the number of homes sold, as well as a 10.5 percent increase in dollar volume.
Throughout the second quarter of 2000, the median price of single-family homes climbed 6.1 percent from $115,000 in April to $122,000 in June. Junes figure is the highest ever recorded in Houston. The median price means that half the homes sold for more, half for less.
Inventory increased significantly from April to June, while the average number of days on the market for single-family homes dropped from 74 days to 68 days.
June Home Sales Post Second-Highest Total
The 5,872 homes sold in June comes second only to last Junes figure, representing a 1.1 percent decrease over last June, which saw 5,935 total sales. June sales contributed $903,026,533 to the total dollar volume for the quarter.
June also established a new all-time high median price of $122,000, indicating an increase of 8.9 percent compared to last Junes median price of $112,000.
Buyers opened 4,226 contracts last month, a slight decrease from June 1999. Open contracts, also referred to as pending sales, are a traditional indicator of closed sales 30 to 60 days ahead.
Available inventory in June rose to 25,698, up slightly over May’s 25,317, and represents an 11.6 percent increase in active listings compared to 23,029 for June 1999.
High Rise Properties, Townhouse/Condo and Country Homes Update
HARMLS reported a dramatic increase in the median price for high rise properties for June, rising 29.5 percent to $290,000 from last years $224,000. High rise sales also increased significantly to 42 in June compared to 19 in the same month last year.
Townhouse/condominium figures also rose last month with 534 sales and a median price of $71,950 compared to June 1999s totals of 498 and $69,750, respectively. The median price of country homes soared considerably by nearly 23 percent from $89,500 last June to $110,000 this year. Sales decreased from 37 in June 1999 to 27 last month.
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 http://www.HAR.com.