Industry News

Houston real estate breaks sales record

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Home sales in the Houston metropolitan area during April increased 22.2 percent from the same month a year ago and set an all-time high for the month, according to the Houston Association of Realtors. Total property sales, which included single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, reached 6,353, the highest number of total sales ever recorded by the association during the month of April. Total sales for single-family homes increased 23 percent in April to 5,215 from April 2003's 4,238. The median price of single-family homes grew to $135,000 in April, compared to $133,650 a year earlier. "Currently mortgage rates are hovering just above 6 percent. Last year at this time the rates averaged 5.5 percent," said HAR Chairman and Stewart Title Chief Economist Ted C. Jones, Ph.D. "But despite the slow, steady rise in rates, the fact is rates are still highly affordable. This is evident by the record-breaking number of ho...