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Houston's 'Positive Indication'

April 18, 2002

Home Sales Up 11% Compared With A Year Ago, According To Report

Inman News Features

Existing home sales increased 11 percent over the first quarter compared with the same time period a year ago, and according to the Houston Association of Realtors.

"The first quarter figures are a positive indication that the Houston market shows promising results for the rest of the year," said Shad Bogany, chairman of the Houston Association of Realtors. "As an economic indicator, consumers should take comfort in the fact that the real estate market remains stable and hopefully is indicative of what is to come for the entire economy."

Total sales for the first quarter, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties, lots and new homes listed on the MLS, topped out at 12,726, which is an 11 percent increase in cumulative sales from this time last year.

The total dollar volume closed during the first quarter was $1.94 billion, an increase of 13 percent compared to last year?s total of $1.72 billion.

The median price of single-family homes climbed 4 percent to $129,900 in March from $124,900 in January. Available inventory increased slightly from January to March, while the average number of days on the market for single-family homes dropped from 87 days to 84 days.

The Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 16,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties.

Copyright: Inman News Service

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