HOUSTON — Encouraged by continued low interest rates and a growing selection of housing options, home buyers kept the greater Houston real estate market in positive territory for a fourth straight month in May. As it did in April, the luxury segment (homes priced at $750,000 and above) led the way in sales volume, and rental properties moved briskly. Housing inventory grew to its largest level since August 2017, meeting consumer demand as the market prepares to segue into summer.

Houston Real Estate Highlights in May

Single-family home sales rose 2.8 percent year-over-year, with 8,346 units sold, marking the fourth consecutive month of positive sales;
On a year-to-date basis, single-family home sales are 2.7 percent ahead of 2018’s record pace;
Days on Market (DOM) for single-family homes was flat at 53 days;
Total property sales increased 3.1 percent, with 9,948 units sold;
Total dollar volume jumped 7.8 percent to slightly more than $3 billion;
The single-family home median price rose 2.4 percent to $249,993, achieving an all-time high;
The single-family home average price was up 5.8 percent to $323,023 – also a record high;
Single-family homes months of inventory reached a 4.2-months supply, up from 3.9 months last May and the most plentiful level since August 2017. For comparison, the national inventory is also at a 4.2-months supply, according to NAR;
After a fractional sales gain in April, townhome/condominium sales fell 2.6 percent with 648 units sold. The average price was down 2.3 percent to $209,497 and the median price fell a fractional 0.6 percent to $169,000;
Single-family home rentals rose 11.1 percent with the average rent up 1.6 percent to $1,874;
Volume of townhome/condominium leases surged 19.3 percent with the average rent up 5.6 percent to $1,666.

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