Industry News

Houston real estate breaks records

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Houston's real estate market showed strong gains yet again in 2003, representing the highest number of homes sold by Realtors in one year, according to the Houston Association of Realtors. This marks the fourth consecutive year that home sales have broken annual records. The total number of properties closed in the Houston-area MLS in 2003 surpassed 2002's figure of 60,247 by 8 percent, closing the year at 65,046. "Low interest rates and a strong starter-home market were the driving factors behind Houston's residential real estate market during 2003. I also believe that 2004 is shaping up to look like the second-best year on record, just behind the all-time record high in 2003," said Ted C. Jones, Ph.D., HAR chairman and Stewart Title chief economist. "Interest rates will remain highly favorable throughout the year, but will begin to drift upwards as the year goes on." The median price for single-family homes in 2003 peaked at $143,000 during July, representing the highest media...