(HAR Report): The average price of a single-family home rose 11.0 percent in June to $436,425 – slightly below last month’s record high – while the median price jumped 13.2 percent to $355,000, which is the highest median of all time. The average price for a single-family home in Houston first broke the $400,000 mark in March of this year. The median price has been above $300,000 since May of 2021.
“With strong economic headwinds facing consumers right now, it comes as no surprise that home sales fell in June and may remain below record levels for a while as the market normalizes,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “The decline in sales was inevitable given the limited supply of homes, record prices, rising interest rates and the pressures of inflation that we’re all feeling every day at the pump, in the supermarket and paying bills.”
For the third consecutive month, the ‘Close to Original List Price Ratio’ for single-family homes surpassed the 100 percent mark, rising to 100.1 percent in June. That means that a majority of buyers paid above list price for homes on the market. The ratio first broke the 100 percent mark last summer, as high-dollar buying became prevalent throughout the market. The ratio was up 100.9 percent last month – the highest ever.