Houston Housing Market Flexes Its Muscle in June
Nice improvements for the Houston Housing Market, as home sales and prices rise to new historic highs, and with inventory continuing to grow.
The Houston Housing Market’s see-saw ride continued as June sales volume increased to 4.1 percent, with home prices setting new record highs, following May’s sales dip. Only homes priced below $150,000 experienced a sales decline.
According to the latest monthly report prepared by the Houston Association of Realtors (HAR), June single-family home sales totaled 7,935 units—the highest one-month volume ever— compared to 7,621 a year earlier. The time it took to sell the average home reached a record low of 43 days.
Months of inventory, the estimated time it would take to deplete the current active housing inventory based on the previous 12 months of sales, increased to a 3.2-months supply versus 2.9 months last June. That is the greatest supply since September 2013, but remains well below the current national supply of 5.1 months of inventory.
Home prices achieved historic highs, with the average price of a single-family home up 6.6 percent year-over-year to $302,942. The median price—the figure at which half the homes sold for more and half for less—rose 4.9 percent to $225,000.