Houston housing market Highlights

Houston Real Estate Highlights in June-HAR Report

  • Single-family home sales declined 11.6 percent year-over-year;

  • Days on Market (DOM) for single-family homes went from 45 to 46 days;

  • Total property sales were down 13.6 percent with 9,133 units sold;

  • Total dollar volume declined 12.2 percent to $3.8 billion;

  • The single-family median price was statistically flat at $345,500;

  • The single-family average price was statistically flat at $432,090; 

  • Single-family home months of inventory registered a 4.3-months supply, up from 3.0 months last June;

  • Townhome/condominium sales continued to decline, falling 19.9 percent, with the median price up 12.1 percent to $241,000 and the average price up 7.8 percent to $271,356.

Single family home for sale/rent in Houston

HAR Report: Active listings were 40.0 percent above where they were during the same time last year, with 30,053 available homes in June.

 

Days on Market, or the actual time it took to sell a home, was up from 45 to 46 days. Months of inventory increased to a 4.3-months supply compared to 3.0 months last June. That is ahead of the current national supply which stands at 3.7 months, as reported by NAR. 

 

Broken out by housing segment, June sales performed as follows:

  • $1 - $99,999: decreased 17.6 percent

  • $100,000 - $149,999: decreased 6.4 percent

  • $150,000 - $249,999: decreased 7.2 percent

  • $250,000 - $499,999: decreased 11.5 percent

  • $500,000 - $999,999: decreased 5.8 percent

  • $1M and above: decreased 19.4 percent

 

HAR also breaks out sales figures for existing single-family homes. In June, existing home sales totaled 5,507, which is down 15.1 percent compared to the same time last year. The average price climbed 3.1 percent to $447,142 and the median sales price increased 2.7 percent to $349,000.

Houston housing market Comparison

June Monthly Market Comparison-HAR Report

June marked the second consecutive month where home sales declined. Single-family pending sales outpaced 2023 figures, jumping 8.4 percent compared to last June.

 

Total property sales were down 13.6 percent and total dollar volume declined 12.2 percent to $3.8 billion. Active listings, or the total number of available properties, continued to increase with 33.8 percent more listings for sale now compared to June 2023.

 

Months of inventory expanded from a 3.0-months supply last June to 4.3 months, which is the highest since October 2012 when there was a 4.4-months supply. Housing inventory nationally stands at a 3.7-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.

Houston housing market

HAR Report: “While there are more options available for homebuyers, affordability concerns continue to be a major hurdle,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “Many consumers are taking a wait-and-see approach due to elevated mortgage rates and higher prices, and some are ultimately choosing to rent.”

 

HAR will publish its June 2024 Rental Home Update on Wednesday, July 17.

 

Houston housing market

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. 

Houston housing market Comparison

May Monthly Market Comparison-HAR Report

 

Severe weather in the Houston area played a role in a slight decline in single-family home sales in May. Sales were down only 1.5 percent year-over-year as inventory reached the highest levels since before the pandemic in 2019.

 

Total property sales were also down 3.1 percent and total dollar volume was statistically flat at $4.3 billion. Single-family pending sales increased 1.8 percent. Active listings, or the total number of available properties, remains above last year’s level with 38.2 percent more listings for sale now than there were this time last year.

 

Months of inventory expanded from a 2.7-months supply last May to 4.0 months. Housing inventory nationally stands at a 3.5-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-month supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.

Houston housing market

HAR Report: The high end of the market saw the strongest performance in May. Home sales in the luxury segment ($1 million+), which represents just 4.8 percent of all homes on the market, climbed 9.6 percent. That was followed by the segment that consisted of homes priced between $500,000 and $1 million which rose 6.8 percent year-over-year. All other housing segments experienced a slowdown in sales last month. HAR will publish its May 2024 Rental Home Update on Wednesday, June 19. 

 

The average price of a single-family home reached an all-time high in May of $443,970, topping the previous record in May 2022 when it reached $438,350. The average home price was up 3.6 percent year-over-year. The median price increased 1.5 percent to $345,000.

Houston housing market

HOUSTON — (June 12, 2024)/HAR Report — The Houston real estate market navigated a unique set of challenges in May. While severe weather and resulting power outages may have caused a delay in some closings, the market continued to see strong activity with expanding inventory and persistent consumer demand. This unwavering demand fueled record-breaking home prices in the Greater Houston area.

 

According to the Houston Association of Realtors’ (HAR) May 2024 Market Update, single-family home sales across the Greater Houston area declined 1.5 percent. The Houston Multiple Listing Service (MLS) recorded sales of 8,538 units compared to 8,664 last May. Months supply of homes climbed from 2.7 to 4.0, which is the highest since August 2019 when there was a 4.1-months supply.