THE HOUSTON HOUSING MARKET BREAKS RECORDS IN 2018

Sluggish December sales and limited housing supply can’t slow down overall real estate activity for the year

HOUSTON — (January 9, 2019) — The Houston real estate market set new records in 2018 despite uncertainty across the region when the year began, with many survivors of Hurricane Harvey still rebuilding their homes and lives. Single-family home sales for the full year surpassed 2017’s record volume by nearly four percent. However, as 2019 gets underway, housing inventory remains constrained – still sitting below its more balanced pre-Harvey levels.

According to the Houston Association of Realtors’ (HAR) 2018 annual report, single family home sales rose 3.8 percent to 82,177 while sales of all property types totaled 98,323, a 3.7-percent increase over 2017’s record volume. Total dollar volume for full-year 2018 jumped 21.5 percent to a record-breaking $28 billion.

Houston Real Estate Highlights for December and Full-Year 2018

  • Despite uncertainties amid Houston’s ongoing recovery from Hurricane Harvey, 2018 proved to be a record year for Houston home sales with 82,177 single-family homes sold versus 79,143 in 2017, the last record-setting year. That represents an increase of 3.8 percent

  • Total dollar volume for full-year 2018 soared 21.5 percent to $28 billion;

  • December single-family home sales declined 4.1 percent year-over-year with 6,543 units sold;

  • Total December property sales fell 4.6 percent to 7,709 units;

  • Total dollar volume for December edged up 1.0 percent to $2.3 billion;

  • At $240,000, the single-family home median price rose 3.4 percent to a December high;

  • The single-family home average price climbed 4.7 percent to a December high of $306,314;

  • Single-family homes months of inventory grew slightly to a 3.5-months supply;

  • Townhome/condominium sales fell 7.8 percent, with the average price up 4.6 percent to $206,760 and the median price up 8.1 percent to $169,500;

  • Leases of single-family homes shot up 13.2 percent with average rent unchanged at $1,771;

  • Leases of townhomes/condominiums edged up 1.6 percent with average also unchanged at $1,532.

For the full report, please click here.