HAR report:The median price of a single-family home (the figure at which half of the homes sold for more and half sold for less) reached the highest level ever for an August, climbing 4.5 percent to $249,000. The average price also achieved an August record, rising 3.4 percent to $310,409.
Housing inventory still remains ahead of 2018 levels. It reached a 4.2-months supply in August compared to 4.0 months a year earlier. So far in 2019, June and July marked the peak of inventory – a 4.3-months supply. Robust inventory and mortgage interest rates currently averaging 3.49 percent (according to Freddie Mac) have created a favorable climate for home buyers and paved the way for one of the strongest summers in Houston real estate history.
Sales of all property types increased 4.1 percent in August, totaling 10,375 units. That marks the second highest one-month volume of all time. The record for total property sales in a single month was 10,444 set just last month, in July 2018, which also was the first time that figure broke the 10,00 mark. Total dollar volume for the month climbed 6.6 percent to $3.1 billion.
“This has been one of the hottest summers in Houston history, both in terms of temperatures and home sales,” said HAR Chair Shannon Cobb Evans with Better Homes and Gardens Real Estate Gary Greene. “The Houston real estate market typically slows a bit once school starts and we get into fall, but with interest rates as low as they’ve been and a steadily growing supply of homes, it’s possible that sales don’t let up until closer to the holidays. The rental segment has also been extremely active and looks to remain that way a while longer.”