Houston's Existing Home Sales May Soften, But Totals Still Outpacing 1999

HOUSTON-Existing home sales have remained solid as October’s numbers came in slightly ahead of last year’s record-breaking pace, according to statistics released by the Houston Association of Realtors.

At 4,278 homes, total sales reached the highest ever recorded for the month of October, up slightly from October 1999′s total sales of 4,272. Total home sales so far are ahead of last year’s pace, with 46,878 existing homes sold so far–slightly ahead of the 46,763 totaled in 1999. “Regardless of where we finish in 2000, this year will rank as one of the strongest, if not the strongest, ever recorded,” says Frankie Jefferson, association chairman.

The median price of single-family existing homes has dipped to $116,500. Inventory has continued to rise, to 26,659 in October, up over September’s 26,494 tally. This is the largest inventory since October 1997, indicating some softness in the market.Total dollar volume had closed in October at $632,068,456, up 13.8% over October 1999′s total. Year-to-date total dollar volume figures are $7,001,308.979, an increase of 12.1% over last year’s total for the same period.