Single-Family Homes Update(HAR Report):
August single-family home sales quickly rebounded from July’s negative report, climbing 8.5 percent with 9,890 units sold across the greater Houston area compared to 9,118 a year earlier.
The single-family home average price increased 14.0 percent to $380,233 while the median price jumped 15.2 percent to $310,000. Those figures are below record high pricing set in June 2021.
The time it took to sell a home was nearly cut in half versus August 2020. Days on Market (DOM) went from 51 to 26. Inventory registered a 1.9-months supply compared to 2.6 months a year earlier. That level is the highest of 2021, but is below the current national inventory of 2.6 months recently reported by NAR.
Broken out by housing segment, August sales performed as follows:
$1 - $99,999: decreased 32.4 percent
$100,000 - $149,999: decreased 33.5 percent
$150,000 - $249,999: decreased 26.6 percent
$250,000 - $499,999: increased 31.8 percent
$500,000 - $749,999: increased 48.5 percent
$750,000 and above: increased 30.5 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 8,584 in August. That is up 14.7 percent from the same month last year. The average sales price rose 13.2 percent to $375,354 while the median sales price climbed 16.9 percent to $304,000.