Houston homes 'fly off' market

August 20, 2002

Sales up as number of days on the market reaches record-low

Inman News Features

Houston's home sales saw a steady year-over-year increase in July, as the median price remained the same and the average number of days spent on the market dropped by nine days, according to the Houston Association of Realtors.

Total sales for the month, consisting of single-family homes, town homes, multifamily, country homes, high-rise properties and lots listed on the MLS, reached 5,920, a 6.8 percent increase in cumulative sales from this time last year, according to HAR. Last year's total July sales were 5,543.

Total sales continue to rise ahead of last year's record-setting pace, with 35,838 listings sold to date, compared with last year's 33,253 for the same period, according to HAR.

"We are fortunate as a city that it does not appear that Houston will face destabilized home prices in the form of a housing bubble any time soon," said HAR Chairman Shad Bogany. "Even with the increase in sales, total dollar volume and median price, Houston's prices do not even begin to compare (with) other large markets."

Single-family homes spent an average of 65 days on the market, a nine day drop from last year's 74 days on the market, reported HAR. The number of days on the market continued to drop for the seventh consecutive month, from this year's high of 87 days in January. Total sales for single-family homes rose to 4,961, a 5.4 percent increase from last year.

"In July, homes flew off the market," said Bogany. "This is the lowest number of days on the market since HAR began keeping this statistic in 1999."

The median price of single-family homes remained at $135,000, still representing the highest price ever recorded in Houston, according to HAR. The median price of $135,000 was 3.1 percent higher than the $131,000 reported for the same period a year ago.

Townhouse/condominium figures increased last month to 555 sales with a median price of $88,000, compared with July of last year's totals of 533 and $79,980, respectively, reported HAR. Country homes, or homes with 10 or more acres, decreased in median price to $160,000 this year from $168,620 last year, and sales increased to 54 from 24 last July.

Copyright: Inman News Service

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