HAR Report: The supply of single-family homes reached a historic high in June, with active listings of single-family homes climbing to 38,713. That is up 31.8 percent from the same time last year, and it marks the highest level of active listings ever recorded by HAR.
Months of inventory expanded from 4.2 months last June to a 5.4-months supply—a level not seen since June 2012. This tops the current national inventory level of 4.6 months, according to the National Association of Realtors. Days on Market inched up from 47 to 49 days.
Broken out by housing segment, single-family home sales in the Greater Houston area performed as follows:
$1 - $99,999: increased 24.0 percent
$100,000 - $149,999: increased 0.6 percent
$150,000 - $249,999: increased 3.4 percent
$250,000 - $499,999: increased 10.6 percent
$500,000 - $999,999: increased 14.2 percent
$1M and above: increased 40.6 percent
In June, existing home sales climbed 15.4 percent with 6,159 closings compared to 5,339 last year. The average price rose 5.4 percent to $470,784, which tops the previous record hit in May of $457,557. The median sales price also reached a record high in June of $352,000, which is an increase of 0.9 percent year-over-year.