Houston Real Estate Highlights in August-HAR Report
Single-family home sales were down 3.8 percent year-over-year, the 17th consecutive month of slowing sales volume, however there continued to be signs of overall improvement to the local housing market;
The 3.8 percent decline is the smallest since the market registered a 0.8 percent drop in May 2022;
Compared to August 2019, before the pandemic, sales were down 8.0 percent, and compared to August 2018, five years back, they were down 4.5 percent.
Days on Market (DOM) for single-family homes rose from 32 to 42 days;
Total property sales fell 4.3 percent with 9,780 units sold;
Total dollar volume dropped 2.0 percent to $3.8 billion;
The single-family median price was statistically unchanged at $339,000;
The single-family average price rose 2.5 percent to $420,124;
Single-family home months of inventory registered a 3.3-months supply, up from 2.4 months a year earlier – the biggest supply in three years;
Townhome/condominium sales experienced their 15h straight monthly decline, falling 19.0 percent, with the median price up 3.2 percent to $225,000 and the average price up 2.7 percent to $260,909;
Compared to pre-pandemic 2019, townhome and condominium sales were down 13.0 percent.