Single-Family Homes Update
Single-family home sales rose 6.9 percent in April, with 7,070 units sold throughout greater Houston compared to 6,611 a year earlier. That is the greatest one-month sales volume since July 2017. Sales volume within the luxury market – defined as homes priced from $750,000 and up – saw gains after remaining flat for two consecutive months. On a year-to-date basis, home sales are 3.6 percent ahead of 2017’s record pace.
Prices reached historic highs in April. The median price increased 5.3 percent to $240,000. The average price jumped 5.2 percent to $305,092.
Days on Market (DOM), or the number of days it took the average home to sell, edged up from 55 to 56 days. Inventory narrowed from a 3.8-months supply to a 3.6-months supply year-over-year, but is at its highest level since November 2017 and is the same as the national inventory level.
Broken out by housing segment, April sales performed as follows:
- $1 - $99,999: decreased 6.8 percent
- $100,000 - $149,999: decreased 21.3 percent
- $150,000 - $249,999: increased 7.7 percent
- $250,000 - $499,999: increased 16.8 percent
- $500,000 - $749,999: increased 28.7 percent
- $750,000 and above: increased 4.7 percent
HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 5,813 in April, up 6.1 percent versus the same month last year. The average sales price increased 9.0 percent to $297,745 while the median sales price rose 8.0 percent to $229,000.