Houston Real Estate Trends, JUL 2018: Home Sales Volume Hit All-Time High

HOUSTON REAL ESTATE MID-YEAR 2018 REPORT:
HOME SALES BREAK RECORDS IN JUNE

The Houston real estate market just recorded its best one-month sales volume of all time, and sent average and median prices to new highs.

Houston Real Estate Update 2018

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This month’s Houston real estate sales update is out. We meet 2018’s halfway mark with the highest one-month sales volume of all time. This trend has also pushed the market in record territory for its average and median home prices.

Just a month away from the first year anniversary of Hurricane Harvey, the Houston real estate market has shown resilience by bouncing back with its strongest month-over-month performance ever.

The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 2.6 percent to $245,000 and the average price climbed 4.3 percent to $316,463. (See Houston Neighborhoods with Best Land Value Appreciation.)

The luxury market (homes priced at $750,000 and above) remain one of the strongest segments of Houston real estate.

Luxury homes saw an 18.4 percent year-over-year jump in sales volume. (See Houston’s Most Expensive Neighborhoods and Houston’s Best Performing Housing Segments.)

The real estate market’s surge is tied with Houston’s stabilizing energy sector, continued job growth, and more diversified economy. (See our 2018 Forecast For Houston Real Estate.)

  • Houston job growth: Metro Houston added 79,200 jobs in the 12 months ending May ’18, a 2.6 percent increase, according to the Texas Workforce Commission (TWC).(1)
  • Diversified economy: Growth has occurred across most sectors, with the largest gains in manufacturing, construction, professional and technical services, and employment services.(1).
  • With oil prices hovering in the $70 per barrel range (up from $45 to $53 per barrel at this point last year), the energy sector is slowly gaining stability.(2)

“Paige Martin is the best Realtor. She is highly experienced and very knowledgeable. She made our buying experience an enjoyable one, not only for us, but for our daughter, son-in-law and several of our friends. We have bought and sold many houses, and Paige has been the best realtor we have ever worked with. We highly recommend her.”

Jeremy & Lynn Greene

Houston Real Estate Highlights for July 2018

  • Single-family home sales rose 1.8 percent year-over-year, with 8,518 units sold, the largest one-month sales volume of all time;
  • Days on Market (DOM) for single-family homes declined from 50 to 48 days;
  • Total property sales reached record levels, rising 1.7 percent, with 10,115 units sold – the first time that number has broken the 10-thousand mark;
  • Total dollar volume increased 6.6 percent to slightly more than $3 billion;
  • The single-family home median price rose 2.6 percent to $245,000, reaching an all-time high;
  • The single-family home average price increased 4.3 percent to a record high of $316,463;
  • Single-family homes months of inventory was at a 4.1-months supply, the highest level since last August and equal to the national inventory level;
  • Townhome/condominium sales rose 4.9 percent, with the average price down 1.7 percent to $211,050 and the median price down 4.1 percent to $163,000;
  • Leases of single-family homes climbed 4.7 percent with the average rent up 3.9 percent to $1,877;
  • Volume of townhome/condominium leases fell 4.2 percent with the average rent up 6.7 percent to $1,662.

To see a custom report on your neighborhood trends, contact Paige Martin – one of the top ranked Realtors in the United States.

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Houston Real Estate Trends July 2018 Update:
Home Sales Volume Hit All-Time High

Neither scorching temperatures nor vacation plans could stop homebuyers from pushing the Houston real estate market into record territory in June, as they generated the greatest one-month sales volume of all time and sent average and median prices to new highs. Single-family home rentals were also in strong demand.

According to the latest monthly report from the Houston Association of REALTORS® (HAR), 8,518 single-family homes sold in June compared to the last record high of 8,367 homes exactly one year earlier. That represents a 1.8 percent increase.

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The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 2.6 percent to $245,000 and the average price climbed 4.3 percent to $316,463. Those prices broke records set just last month and are the result of strong activity in the luxury market – homes priced at $750,000 and above – which saw an 18.4 percent year-over-year jump in sales volume.

“If there were concerns about rising home prices in the Houston market, you wouldn’t know it from all the homebuying that took place in June,” said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase. “We continue to outperform last year’s record pace of home sales, but we’ll keep a close eye on inventory levels in the weeks ahead to ensure they are meeting demand.”

June sales of all property types broke the 10,000-mark for the first time in history, totaling 10,115. That represents an increase of 1.7 percent versus the same month last year. Total dollar volume was up 6.6 percent, reaching more than $3 billion.

“Paige is simply amazing! Paige is a customer service driven agent that doesn’t let any small details slip past her. She is meticulous with her offers, inspections, and knows how to effectively negotiate the right price for her buyers and sellers”

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June Monthly Market Comparison

Indicators for the Houston real estate market’s June performance were mostly positive, with single-family home sales, total property sales, pricing and total dollar volume all up compared to June 2017. Month-end pending sales for single-family homes totaled 8,396, a 10.2 percent increase over last year. Total active listings, or the total number of available properties, fell 3.9 percent to 40,198.

Single-family homes inventory recorded a 4.1-months supply in June, its highest level since last August when it reached a 4.3-months supply. For perspective, housing inventory across the U.S. also stands at a 4.1-months supply, according to the latest report from the National Association of REALTORS® (NAR).

CATEGORIESJUNE 2017JUNE 2018CHANGE
Total property sales9,94810,1151.7%
Total dollar volume$2,868,941,075$3,056,977,0286.6%
Total active listings41,84040,198-3.9%
Single-family home sales8,3678,5181.8%
Single-family average sales price$303,551$316,4634.3%
Single-family median sales price$238,890$245,0002.6%
Single-family months inventory*4.24.1-0.1 mos.
Single-family pending sales*7,6198,39610.2%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Single-Family Homes Update

Single-family home sales rose 1.8 percent in June with 8,518 units sold across the greater Houston area compared to 8,367 a year earlier. That is the greatest one-month sales volume of all time. On a year-to-date basis, home sales are 2.6 percent ahead of 2017’s record pace. Prices reached historic highs in June. The median price increased 2.6 percent to $245,000. The average price rose 4.3 percent to $316,463.

Days on Market (DOM), or the number of days it took the average home to sell, declined from 50 to 48 days. Inventory registered a 4.1-months supply which is its highest level since August 2017 and equal to the current national inventory level reported by NAR. Broken out by housing segment, June sales performed as follows:

  • $1 – $99,999: decreased 29.0 percent
  • $100,000 – $149,999: decreased 23.7 percent
  • $150,000 – $249,999: increased 16.1 percent
  • $250,000 – $499,999: increased 18.0 percent
  • $500,000 – $749,999: increased 13.5 percent
  • $750,000 and above: increased 18.4 percentc

HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 7,186 in June, up 1.2 percent versus the same month last year. The average sales price increased 4.1 percent to $305,583 while the median sales price rose 4.4 percent to $235,000.

Townhouse/Condominium Update

After a 7.2 percent decline in May, sales of townhomes and condominiums turned around in June, increasing 4.9 percent with 709 units sold versus 676 a year earlier. The average price fell 1.7 percent to $211,050 while the median price dropped 4.1 percent to $163,000. Inventory was unchanged at a 4.2-months supply.

Lease Property Update

Activity among leased property staged a mixed performance in June. Single-family home rentals rose 4.7 percent while leases of townhomes and condominiums fell 4.2 percent. The average rent for single-family homes increased 3.9 percent to $1,877 and the average rent for townhomes and condominiums rose 6.7 percent to $1,662.

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