News
Single-Family Homes Update-HAR Report
In October, single-family home sales posted gains for the second month in a row, climbing 12.8 percent year-over-year. A total of 7,185 units were sold across the Greater Houston area compared to 6,372 last year. The average price rose 5.2 percent to $423,166, and the median price was up 2.7 percent to $334,900. The price per square foot increased to $178 compared to $173 last October.
HAR Report: Rentals of single-family homes continued to hold steady in October. HAR will publish its October 2024 Rental Home Update on Wednesday, November 20.
“While mortgage rates have edged up, they remain well below the peak levels reached last year,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties.“This more favorable rate environment is helping sustain buyer demand and driving continued activity in the Houston housing market as we enter the final months of 2024.”
HOUSTON — (November 13, 2024)/HAR Report — Despite a recent uptick in mortgage rates, the Houston housing market maintained its momentum in October. Both home sales and inventory increased, signaling a healthy and active market as the final quarter of 2024 began.
Single-family home sales across the Greater Houston area climbed 12.8 percent year-over-year with 7,185 units sold compared to 6,372 last October, according to the Houston Association of Realtors’ (HAR) October 2024 Housing Market Update.
The average price of a home rose 5.2 percent to $423,166, while the median price increased 2.7 percent to $334,900.
The high end of the market experienced a surge in sales activity in October. The luxury segment ($1 million+) had the strongest performance with closings 33.8 percent higher than the same time last year. That is followed by the housing segment with homes priced between $500,000 and $999,999, which recorded a 25.9 percent surge in sales compared to last year. The segment with homes priced between $100,000 and $149,999 was the only one that saw a decline in sales, with closings down 7.3 percent compared to last year.
Houston Real Estate Highlights in September-HAR Report
Single-family home sales increased 1.7 percent year-over-year;
Days on Market (DOM) for single-family homes went from 45 to 51 days;
Total property sales were down 3.3 percent with 8,228 units sold;
Total dollar volume was statistically flat at $3.3 billion;
The single-family median price was up 1.1 percent to $335,000;
The single-family average price edged up by 0.3 percent to $415,435;
Single-family home months of inventory registered a 4.4-months supply, up from 3.4 months last September.
Townhome/condominium sales continued to decline, falling 23.0 percent, with the median price up 7.1 percent to $240,990, and the average price rose 10.9 percent to $290,048.
Townhouse/Condominium Update-HAR Report
Townhome and condominium sales continued to decline in September, down 23.0 percent year-over-year to 398 units. The average price rose 10.9 percent to $290,048, and the median price was up 7.1 percent to $240,990.
HAR Report: Active listings climbed by 28.1 percent year-over-year, with 30,617 single-family homes available for sale in September. The average days on market increased from 45 to 51, reflecting a slower pace of sales.
Months of inventory of single-family homes expanded from a 3.4-months supply last September to 4.4 months, which is the highest since September 2012 when there was a 4.7-months supply. Housing inventory nationally stands at a 4.2-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.
Broken out by housing segment, September sales performed as follows:
$1 - $99,999: increased 3.5 percent
$100,000 - $149,999: decreased 23.4 percent
$150,000 - $249,999: decreased 0.3 percent
$250,000 - $499,999: increased 4.2 percent
$500,000 - $999,999: decreased 3.6 percent
$1M and above: increased 2.0 percent
HAR also breaks out sales figures for existing single-family homes. In September, existing home sales totaled 4,873, which is down 0.7 percent compared to the same time last year. The average price rose 3.0 percent year-over-year to $429,787, and the median sales price increased 3.1 percent to $335,000.
Single-Family Homes Update-HAR Repprt
Single-family home sales rebounded in September, increasing 1.7 percent year-over-year with a total of 6,973 units sold across the Greater Houston area compared to 6,858 last year. The average price held steady at $415,435 while the median price increased slightly to $335,000. The price per square foot increased from $177 last year to $178.
September Monthly Market Comparison-HAR Report
September marked the fifth consecutive month of year-over-year declines in total property sales. Sales were down 3.3 percent compared to the same time last year. Total dollar volume was statistically unchanged at $3.3 billion. The number of available properties were 25.0 percent above where they were last September.
HAR Report: “Although sales have slowed, the Houston housing market is still in good shape,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “Expanding inventory and easing mortgage rates are offering buyers more opportunities. A potential Fed rate cut later this month could further boost consumer confidence and home sales.”
HAR will publish its August 2024 Rental Home Update on Wednesday, September 18.
HOUSTON /HAR Report— (September 11, 2024) — As the summer temperatures climbed in August, Houston’s housing market experienced a cooldown. The slower sales volume enabled inventory to expand and prices to moderate, creating a positive landscape for home buyers.
According to the Houston Association of Realtors’ (HAR) August 2024 Market Update, single-family home sales across the Greater Houston area declined 8.3 percent year-over-year. The HAR Multiple Listing Service (MLS) recorded sales of 7,340 units compared to 8,006 last August. Inventory expanded from a 3.2-months supply to 4.5 months, which is the highest since September 2012.
The luxury segment ($1 million+), which represents 4.1 percent of all home sales in August, had the strongest performance, with a 2.0 percent increase in sales. All other housing segments experienced slower sales in August. Homes priced between $100,000 and $149,000 saw the biggest decline, with closings down 13.2 percent year-over-year. That segment made up just 2.2 percent of the overall market.
The average price of a single-family home edged up by 0.9 percent to $421,912 while the median price declined slightly, 0.3 percent, to $336,940.
