HOUSTON — (July 15, 2024) /HAR Report— As the temperatures climbed in June, the Houston housing market experienced a cooldown with home sales below 2023 levels for the second month in a row. This slowdown coincided with an increase in available homes, offering more options for prospective buyers.
Single-family home sales across the Greater Houston area declined 11.6 percent year-over-year, according to the Houston Association of Realtors’ (HAR) June 2024 Market Update. The Houston Multiple Listing Service (MLS) recorded sales of 7,718 units compared to 8,729 last June. Months supply of homes climbed from 3.0 to 4.3, which is the highest in more than a decade.
All housing segments saw a slowdown in sales in June. The luxury segment ($1 million+), which represents just 4.1 percent of all homes on the market, experienced the biggest decline with sales 19.4 percent below where they were in June 2023. The segment that consists of homes priced between $500,000 and $1 million had the smallest decline, with sales down 5.8 percent year-over-year.
The average price of a single-family home edged up 0.8 percent to $432,090 compared to last June. The median price increased 0.7 percent to $345,500.