Sales volume and pricing reach new highs
HOUSTON — (July 11, 2018) — Neither scorching temperatures nor vacation plans could stop homebuyers from pushing the Houston real estate market into record territory in June, as they generated the greatest one-month sales volume of all time and sent average and median prices to new highs. Single-family home rentals were also in strong demand.
According to the latest monthly report from the Houston Association of REALTORS® (HAR), 8,518 single-family homes sold in June compared to the last record high of 8,367 homes exactly one year earlier. That represents a 1.8 percent increase.
The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 2.6 percent to $245,000 and the average price climbed 4.3 percent to $316,463. Those prices broke records set just last month and are the result of strong activity in the luxury market – homes priced at $750,000 and above – which saw an 18.4 percent year-over-year jump in sales volume.
June Monthly Market Comparison
Indicators for the Houston real estate market’s June performance were mostly positive, with single-family home sales, total property sales, pricing and total dollar volume all up compared to June 2017. Month-end pending sales for single-family homes totaled 8,396, a 10.2 percent increase over last year. Total active listings, or the total number of available properties, fell 3.9 percent to 40,198.
Single-Family Homes Update
Single-family home sales rose 1.8 percent in June with 8,518 units sold across the greater Houston area compared to 8,367 a year earlier. That is the greatest one-month sales volume of all time. On a year-to-date basis, home sales are 2.6 percent ahead of 2017’s record pace. Prices reached historic highs in June. The median price increased 2.6 percent to $245,000. The average price rose 4.3 percent to $316,463.
Houston Real Estate Highlights in June
- Single-family home sales rose 1.8 percent year-over-year, with 8,518 units sold, the largest one-month sales volume of all time;
- Days on Market (DOM) for single-family homes declined from 50 to 48 days;
- Total property sales reached record levels, rising 1.7 percent, with 10,115 units sold – the first time that number has broken the 10-thousand mark;
- Total dollar volume increased 6.6 percent to slightly more than $3 billion;
- The single-family home median price rose 2.6 percent to $245,000, reaching an all-time high;
- The single-family home average price increased 4.3 percent to a record high of $316,463;
- Single-family homes months of inventory was at a 4.1-months supply, the highest level since last August and equal to the national inventory level;
- Townhome/condominium sales rose 4.9 percent, with the average price down 1.7 percent to $211,050 and the median price down 4.1 percent to $163,000;
- Leases of single-family homes climbed 4.7 percent with the average rent up 3.9 percent to $1,877;
- Volume of townhome/condominium leases fell 4.2 percent with the average rent up 6.7 percent to $1,662.
For the full June MLS Report, click here.