Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 50,000 REALTORS®
July 2006 Sales | ||||||||||||||||||||||||||||||||
Houston Real Estate Market On The Upswing As East and West Slow | ||||||||||||||||||||||||||||||||
July Marks Another Record Month For Houston Real Estate | ||||||||||||||||||||||||||||||||
HOUSTON (August 18, 2006) While the number of properties sold and the average sales price
dropped modestly from last months blistering rates, the figures for July were still the best
ever for the month. July real estate sales in the greater Houston region continued their streak
of new monthly records. Total property sales for the month totaled 7,975, which was a 3.3 percent increase over July 2005. Properties sold during the month reached a total of nearly $1.6 billion, a 10.3 percent increase compared to last years more than $1.4 billion in July sales. Additionally, the median home price for a single-family home reached a monthly record for July of $155,890 (after last months median sales price was revised slightly lower), and the average single-family home price topped the $200,000 mark for the third month in a row at $206,045, increases from last year of 7.5 and 7.0 percent, respectively. The greater Houston housing market has been tremendous this summer. Whether someone was in the market to buy a home or looking to sell, residents of the region have certainly been keeping Realtors busy, said Lorraine Abercrombie, HAR Chair and Marketing Director for Greenwood King Properties. We look for 2006 to be the best year ever for Houston real estate sales, which means we hope the rates of homeownership also rise as more people realize the American Dream. July Monthly Market Comparison All listing categories combined, Houstons overall housing market in July 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 July was 45,613 properties, which was an increase of 0.6 percent versus last July and the first month with a year-over-year increase, after 10 consecutive declines. The figure was an increase of 1,171 properties from last month though, which is an increase of more than 2,000 homes in the last two months and shows new listings may be outpacing sales activity. Month-end pending sales those listings expected to close within the next 30 days reached 5,108, which was up 2.1 percent from last year, and signals a fairly strong August for sales. The months inventory of single-family homes for July came in at 5.6 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 July reporting the 21st consecutive decline in year-over-year months inventory figures. |
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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. | ||||||||||||||||||||||||||||||||
Single-family Homes Update The overall median price of single-family homes of $155,890 was an all-time record after last months initial median sales price was revised down, which was an increase of 7.5 percent compared to the prior year, and the average sales price for single-family homes was $206,045 during July, which was up 7.0 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 $155,890, while an all-time record for the Houston market, is 32.7 percent less than the national median price, which reached $231,500 in June, 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 30 consecutive months that sales have been higher than the same month of the previous year. For July 2006, single-family home sales increased by 3.7 percent to 6,717, up from last years 6,476. HAR is now also reporting existing home statistics for the single-family home segment of the real estate market. For the month of July 2006, existing single-family home sales totaled 5,757, which was a 3.0 percent increase from July 2005. The median sales price for existing homes in the Houston area was $150,000, an increase of 7.9 percent compared to the same period last year. The average sales price for the month of $194,216 was an increase of 5.7 percent from last years level. Townhouse/Condo Update The overall median price in the townhouse/condo segment in Houston was up 1.3 percent for July, with the median sales price for the month being $120,000. The average sales price for which a townhouse or condo sold in the greater Houston area was $146,468 in July 2006, which was a 0.9 percent increase from the same month last year. Additionally, the number of townhouses and condos that sold in July increased compared to last years sales, with 684 units being sold last month, versus 656 properties in July 2005, or a 4.3 percent increase in year-over-year sales. Houston Real Estate Milestones in July |
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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. |