May MLS Sales StatisticsThe May 2012 MLS statistics will be released on Tuesday morning,and here are some quick takeaways:•May sales of single-family homes soared 23.8 percent versus oneyear earlier, accounting for the 12th consecutive month of positivesales.•Sales volume was the highest it has been since June 2008.•Pricing levels set new historic records, with the average home priceup 8.5 percent to $237,083 and the median home price up 7.1 percentto $168,000.•Local months inventory is now at its lowest level in more than fiveyears—5.5 months versus 7.9 months in May 2011. This is superior tothe national months inventory of 6.6 months reported by NAR.•For more detailed information, please visit the HAR Online Newsroomat www.har.com/newsroom for this and all other news releases.
Texas Leads the Nation in New Home Construction• Despite tough times nationally in the housing industry, new home construction is soldiering on in the U.S. And according to new U.S. Census Bureau estimates, Texas is leading the way.• Between April 1, 2010 and July 1, 2011, the nation saw an estimated increase of nearly 607,000 housing units. Texas added more than 121,000 housing units, three times as many as its closest competitor, California, and about 20 percent of the total. (Census Bureau Housing Report: http://1.usa.gov/M2ap7G)• Of the 100 counties with the highest rate of growth in new housing, fully one-fifth are in the Lone Star State.• The top five biggest-gaining counties are all in Texas. Fort Bend County leads the pack with 11,665 new homes added, bringing its total to an estimated 208,696. Thats a growth rate of 5.9 percent, the second highest rate.
Weekly HAR Market StatThe report card for this week showed higher grades than last year at this time for bothbuyers and sellers. Activity levels are higher on both sides, which is indicative ofrecovering confidence in the local market. Prices in certain areas have already turned acorner, and it is not unreasonable to expect a continuation of this trend. As the dogdays of summer approach, also keep a watchful eye on active listings, absorptionrates, days on market and percent of list price received. Being schooled in thesemetrics is like having an open book during the final exam. In the Houston region, for the week ending June 10: • New Listings increased 0.1% to 2,400 • Pending Sales increased 37.5% to 1,759 • Closed Sales increased 8.9% to 1,212
Value Your Real Estate Knowledge BPOR: The Agent’s Role in the Valuation Process Valuating property values depends more than ever on professional expertise and competence, the best use of technology and a commitment to approach the valuation assignment from all pertinent perspectives. “BPOs: The Agent’s Role in the Valuation Process” is specifically designed to help residential real estate agents and brokers enhance their skills in creating BPOs, reducing risk and applying alternative valuation methods. Once your roster has been submitted, you will receive an email inviting you to apply online. There is a one-time application fee of $199 and an online webinar that must be completed. Also, to be enrolled in the preferred provider panel, please note that you must have been licensed for at least two-and-a-half years and you or your broker have an E&O policy with $250,000 minimum coverage per incident and $500,000 aggregate maximum. Date: Thursday, June 21 Time: 8:30 a.m. to 5 p.m. Location: HAR Central Investment: $99Register at www.har.com/edu Questions? 713-629-1900 ext. 6