HOUSTON HOME SALES SIZZLE IN AUGUST

Consumers drive sales volumes to near-record levels as interest rates stay low.

HOUSTON — (September 11, 2019) — Temperatures weren’t the only thing soaring in August. Home sales registered another hot month, as low mortgage interest rates kept consumers in a buying mood. According to the latest monthly report from the Houston Association of Realtors (HAR), August sales of single-family homes throughout greater Houston totaled 8,679. That is up 3.9 percent year-over-year and marks the second largest one-month sales volume of all time; the record of 8,930 was set just last month. On a year-to-date basis, home sales are running 3.1 percent ahead of 2018’s record volume.

Houston Real Estate Highlights in August

  • Single-family home sales rose 3.9 percent year-over-year, with 8,679 units sold – the second biggest one-month sales volume of all time;

  • On a year-to-date basis, single-family home sales are running 3.1 percent ahead of 2018’s record pace;

  • Days on Market (DOM) for single-family homes edged up from 49 to 52 days;

  • Total property sales rose 4.1 percent, with 10,375 units sold – the second greatest one-month total property sales volume ever and only the second time in Houston real estate history that the total has surpassed 10,000.

  • Total dollar volume increased 6.6 percent to $3.1 billion;

  • The single-family home median price rose 4.5 percent to $249,000, achieving an August high;

  • The single-family home average price was up 3.4 percent to $312,727 – also a record high for an August;

  • Single-family homes months of inventory reached a 4.2-months supply, up from 4.0 months last August and just slightly below the 4.3-months supply maintained in June and July. For comparison, the national housing inventory is also at a 4.2-months supply, according to NAR;

  • Townhome/condominium sales fell 2.9 percent year-over-year, with 641 units sold. The average price was flat at $209,075 and the median price rose 3.9 percent to $172,500;

  • Single-family home rentals increased 7.6 percent with the average rent unchanged at $1,914;

  • Volume of townhome/condominium leases climbed 6.3 percent with the average rent also unchanged at $1,645.

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