Single-family home sales totaled 8,414 last month, the largest one-month sales volume in Houston’s history and up 8.3 percent from June 2016. Home sales for the first half of 2017 are up 7.4 percent from the first half of 2016. Total property sales also increased 8.3 percent to 9,993 in June.
The luxury segment — homes priced at $750,000 and above — saw the largest increase in sales, jumping 13 percent year over year in June. That marks the eighth straight month of increases in that segment. Sales in the segment between $150,000 and $499,999 saw increases around 12 percent, and sales in the $500,000-to-$749,999 range increased 6.9 percent.
Both the average and median price for single-family homes hit all-time highs last month. The median increased 2.6 percent year over year to $239,023, and the average inched up 1.5 percent to $304,155. The total dollar volume of all property sales, however, jumped 10.4 percent to nearly $2.89 billion.
Forward-looking metrics also remain strong. Single-family pending sales soared 18.9 percent year over year, and total active listings jumped 16.4 percent. Single-family inventory increased to a 4.4-month supply in June, the highest level since October 2012. It’s also up from a 4.1-month supply in May and a 3.9-month supply in June 2016. Months of inventory estimates the number of months it would take to sell all the home listings on the market today based on the pace of sales over the past 12 months. For comparison, nationwide inventory stands at a 4.2-month supply.
Meanwhile, demand in Houston’s rental market also continued to surge. Single-family home leases jumped 17.4 percent, and townhome/condominium leases skyrocketed 21.3 percent. The average rent was down 4 percent to $1,806 for single-family homes and up 2.5 percent to $1,698 for townhomes and condominiums.
“June proved to be another phenomenal month for the Houston real estate market with buyers and renters sending volume and pricing into record territory,” HAR Chair Cindy Hamann said in a release. “Between continued strong employment numbers and healthy housing inventory levels, we expect the market to remain vibrant.”