Single-Family Homes Update
Single-family home sales rose 1.0 percent in May with 8,157 units sold throughout greater Houston compared to 8,078 a year earlier. That is the greatest one-month sales volume since June 2017 when 8,368 homes sold. On a year-to-date basis, home sales are 3.0 percent ahead of 2017’s record pace.
Prices reached historic highs in May. The median price increased 3.4 percent to $243,000. The average price rose 1.3 percent to $305,511.
Days on Market (DOM), or the number of days it took the average home to sell, edged up from 51 to 52 days. Inventory held steady at a 4.0-months supply which is its highest level since August 2017 and is the same as the current national inventory level.
Broken out by housing segment, May sales performed as follows:
- $1 - $99,999: decreased 13.8 percent
- $100,000 - $149,999: decreased 21.8 percent
- $150,000 - $249,999: unchanged
- $250,000 - $499,999: increased 6.9 percent
- $500,000 - $749,999: increased 10.3 percent
- $750,000 and above: unchanged
HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 6,831 in May, up 1.2 percent versus the same month last year. The average sales price increased 2.8 percent to $297,959 while the median sales price rose 5.2 percent to $231,500.