Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 50,000 REALTORS®
May 2003 Sales | ||||||||||||||||||||||||
Houston's Housing Market Keeping Pace, Year-to-Date Sales Slightly Down, Records Set for May | ||||||||||||||||||||||||
Low Mortgage Rates, Low Median Prices and Increased Listings Give Houstonians More Choices | ||||||||||||||||||||||||
HOUSTON (June 18, 2003) - According to the Houston Association of Realtors®' Multiple Listing Service, year-to-date
sales for 2003, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties, lots
and new homes listed on the MLS, are 24,102, down 90 sales when compared to last year's sales totaling 24,192. "We are running neck-and-neck with last year's home sales," said HAR Chairman Dovie Morgan. "However, we are not concerned. Within the past few years, Houston has proven itself over and over again as a resilient market." According to the latest Beige Book survey from the U.S. Federal Reserve, economic activity increased and showed signs of recovery in several districts across the United States including the Dallas District, which encompasses Houston. The unwinding of war-related concerns appears to have provided some lift to business and consumer confidence, with low mortgage rates continuing to stimulate residential home sales. "Despite being behind in sales for the year, home sales in May are the highest they have ever been," Morgan said. "Houston's real estate market offers consumers a unique dynamic. The median price of $133,160 is significantly lower than the national average, which is hovering around $160,000. We have 20 percent more homes on the market than we did at this time last year, and interest rates are the lowest they have been in forty years. This creates the ideal situation for a home buyer." |
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Single-family homes update Total sales in May for single-family homes increased to 5,073, representing a 1.2 percent growth in listings sold compared to last year's figure of 5,011. Within this category, 537 of the homes sold were new homes listed by Realtors, versus 630 new homes sold through the MLS during May 2002.* The median price of single-family homes, including existing and new homes, in May reached $133,160 representing a slight decrease over last May's figure of $133,500. |
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Houston Real-Estate Milestones |
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* This statistic represents new homes that are listed by Realtors, and is not representative of all new homes sold in these areas. | ||||||||||||||||||||||||
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 second 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 https://www.HAR.com. |