Industry News

Real estate market sizzles in Houston

Existing-home sales on track for record-breaking year

Home sales in the Houston metropolitan area rose 6.4 percent in August from a year ago, posting record activity for the month, according to statistics released today by the Houston Association of Realtors. Total sales for August reached 6,827, representing the highest number of sales ever recorded in the month of August. Additionally, year-to-date existing-home sales continue to rise ahead of last year's record-setting pace, with 48,787 listings sold. Year-to-date existing sales through August 2003 totaled 43,839. "August marks the sixteenth consecutive month in which sales of existing homes have broken records for their respective months. And with more than 4,400 properties slated to close this month, September looks to continue this trend," said HAR Chairman and Stewart Title Chief Economist Ted C. Jones, Ph.D. "Housing sales are seasonal in nature. In the past six years, June, July and August have averaged 10.3 percent, 10 percent and 9.8 percent of all annual closings, respective...