Houston Real Estate Highlights in May(HAR report)
Single-family home sales rose 2.8 percent year-over-year, with 8,346 units sold, marking the fourth consecutive month of positive sales;
On a year-to-date basis, single-family home sales are 2.7 percent ahead of 2018’s record pace;
Days on Market (DOM) for single-family homes was flat at 53 days;
Total property sales increased 3.1 percent, with 9,948 units sold;
Total dollar volume jumped 7.8 percent to slightly more than $3 billion;
The single-family home median price rose 2.4 percent to $249,993, achieving an all-time high;
The single-family home average price was up 5.8 percent to $323,023 – also a record high;
Single-family homes months of inventory reached a 4.2-months supply, up from 3.9 months last May and the most plentiful level since August 2017. For comparison, the national inventory is also at a 4.2-months supply, according to NAR;
After a fractional sales gain in April, townhome/condominium sales fell 2.6 percent with 648 units sold. The average price was down 2.3 percent to $209,497 and the median price fell a fractional 0.6 percent to $169,000;
Single-family home rentals rose 11.1 percent with the average rent up 1.6 percent to $1,874;
Volume of townhome/condominium leases surged 19.3 percent with the average rent up 5.6 percent to $1,666.