News
Lease Property Update(HAR report)
Lease properties staged a mixed performance in October. Single-family home leases rose 2.4 percent while leases of townhomes and condominiums fell 15.2 percent. The average rent for single-family homes increased 2.3 percent to $1,795 while the average rent for townhomes and condominiums was unchanged at $1,543.
(HAR report): Single-family home prices set new October highs. The median price (the figure at which half of the homes sold for more and half sold for less) increased 2.1 percent to $239,900 while the average price rose 1.3 percent to $298,354. Despite the record prices, the increases are among the smallest of 2019 and reflect signs of pricing moderation as the year draws to a close.
In addition to the incentive that lower mortgage rates create, buyers benefited from a slightly larger supply of homes on the market with housing inventory up to a 4.0-months supply in October versus 3.9 months in 2018. So far this year, the peak inventory was reached in June and July when it grew to a 4.3-months supply.
Sales of all property types climbed 6.2 percent in October, totaling 8,579 units. Total dollar volume rose 7.9 percent to $2.4 billion.
“Consumers continue to take advantage of attractive buying conditions, between low interest rates, a healthy supply of homes on the market and a strong overall Houston economy,” said HAR Chair Shannon Cobb Evans with Better Homes and Gardens Real Estate Gary Greene. “Interest rates are currently forecast to remain low into the new year, so it’s possible that we get through the holidays without too much of a seasonal slowdown in home sales, but we’ll just have to see how things go.”
The 30-year fixed mortgage rate fell slightly to 3.69 percent the week ending November 7, approaching levels last seen in November 2016, according to figures released by Freddie Mac. It was 3.78 percent the prior week and 4.94 percent a year ago.
HOUSTON — (HAR REPORT/November 13, 2019) — Continued low mortgage interest rates kept consumers in a buying mood in October, powering home sales to a fourth consecutive positive month. According to the latest monthly report from the Houston Association of Realtors (HAR), sales of single-family homes across the greater Houston area totaled 7,231 in October. That is up 8.1 percent compared to a year earlier. On a year-to-date basis, home sales are 4.2 percent ahead of 2018’s record volume, making it ever more likely that 2019 will establish a new record for local real estate.
Homes priced between $500,000 and $750,000 led the way in sales, climbing 13.0 percent versus October 2018. That segment was followed closely by homes in the $250,000 to $500,000 range, which rose 12.9 percent. The luxury segment, which is made up of homes priced from $750,000 and above, was unchanged year-over-year.
Houston Real Estate Highlights in September(HAR report)
Single-family home sales jumped 9.5 percent year-over-year, with 7,035 units sold – the second biggest one-month sales volume of 2019;
On a year-to-date basis, single-family home sales are running 3.8 percent ahead of 2018’s record pace;
Days on Market (DOM) for single-family homes edged up from 53 to 55 days;
Total property sales increased 9.5 percent, with 8,430 units sold;
Total dollar volume shot up 10.8 percent to $2.4 billion;
The single-family home median price rose 4.7 percent to $244,000, achieving a September high;
The single-family home average price was up 1.5 percent to $298,947 – also a record high for a September;
Single-family homes months of inventory reached a 4.1-months supply, up from 4.0 months last September and slightly below the 4.3-months supply maintained in June and July. For comparison, the national housing inventory is also at a 4.1-months supply, according to NAR;
Townhome/condominium sales rose 8.2 percent year-over-year, with 538 units sold. The average price rose 3.5 percent to $200,728 while the median price rose 6.3 percent to $170,000;
Single-family home leases increased 6.9 percent with the average rent up 1.5 percent to $1,838;
Townhouse/Condominium Update
Throughout 2019, the townhouse and condominium segment has experienced alternating months of up and down sales. After a 3.2 percent year-over-year drop in August, September sales reversed course and rose 8.2 percent with 538 units sold compared to 497 in September 2018. The average price increased 3.5 percent to $200,728 while the median price climbed 6.3 percent to $170,000. Inventory expanded from a 4.3-months supply to 4.6 months.
(HAR report)Days on Market (DOM), or the number of days it took the average home to sell, was 55 compared to 53 a year ago. Inventory expanded to a 4.1-months supply. That is up from 4.0 months year-over-year and is just below the 2019 peak of 4.3 months reached in June and July. It matches the national inventory of 4.1 months reported by NAR.
Broken out by housing segment, September sales performed as follows:
$1 - $99,999: decreased 9.7 percent
$100,000 - $149,999: decreased 14.6 percent
$150,000 - $249,999: increased 4.6 percent
$250,000 - $499,999: increased 18.7 percent
$500,000 - $749,999: increased 12.6 percent
$750,000 and above: decreased 2.6 percent
HAR also breaks out sales activity for just existing single-family homes. Existing home sales totaled 5,742 in September. That is up 8.0 percent versus the same month last year. The average sales price rose 3.3 percent to $286,784 while the median sales price increased 5.0 percent to $230,000.
Single-Family Homes Update(HAR report)
September marked the seventh positive month of 2019 for single-family home sales, as volume jumped 9.5 percent with 7,035 units sold across greater Houston compared to 6,427 a year earlier. That represents the second largest one-month sales volume of 2019. On a year-to-date basis, sales are 3.8 percent ahead of 2018’s record pace.
Home prices climbed to the highest levels ever for a September. The median price was $244,000, up 4.7 percent from one year prior. The average price rose 1.5 percent to $298,947.
(HAR report): Single-family homes inventory grew slightly to a 4.1-months supply in September. compared to 4.0 months a year earlier. However, it is below the 2019 peak of 4.3-months reached in June and July. For perspective, housing inventory across the United States also currently stands at a 4.1-months supply, according to the latest National Association of Realtors (NAR) report
September Monthly Market Comparison (HAR report)
All the measurements for the Houston housing market held to positive territory in September. Single-family home sales, total property sales, pricing, total dollar volume and inventory all increased compared to September 2018. Month-end pending sales of single-family homes totaled 7,285. That represents an 18.9 percent increase over last year. Total active listings, or the total number of available properties, rose 7.3 percent to 44,172.
Lease Property Update(HAR report)
Lease properties staged another strong month in September. Single-family home leases jumped 6.9 percent while leases of townhomes and condominiums rose 1.7 percent. The average rent for single-family homes was up 1.5 percent at $1,838 while the average rent for townhomes and condominiums was unchanged at $1,589.
