Houston real estate highlights

Houston Real Estate Highlights in March(HAR report)

• Single-family home sales rose 8.2 percent year-over-year, with 7,566 units sold, marking the ninth consecutive month of positive sales;

• The Days on Market (DOM) figure for single-family homes was unchanged at 65 days;

• Total property sales rose 6.9 percent, with 8,965 units sold;

• Total dollar volume jumped 11.0 percent to more than $2.6 billion;

• The single-family home median price rose 4.1 percent to $249,900, reaching a March high;

• The single-family home average price climbed 3.8 percent to a March high of $309,785;

• Single-family homes months of inventory was at a 3.5-months supply, down from 3.8 months last March but above the national inventory level of 3.1 months;

• Townhome/condominium sales declined 0.5 percent, with the average price up 6.0 percent to $224,038 and the median price up 4.6 percent to $183,000;

• Lease properties experienced a mixed performance, as single-family home rentals increased 1.2 percent with the average rent up 2.4 percent to $1,788;

• Volume of townhome/condominium leases fell 9.7 percent with the average rent up 4.2 percent to $1,604.

Townhouse/Condominium for sale in Houston

Townhouse/Condominium Update(HAR report)

Townhomes and condominiums ended three straight months of gains with a fractional year-over-year decline of 0.5 percent, with 547 units sold compared to 550 one year earlier. The average price jumped 6.0 percent to $224,038 while the median price increased 4.6 percent to $183,000. Inventory was unchanged at a 4.3-months supply.

Houston Housing Segment

(HAR report):Broken out by housing segment, March sales performed as follows:

• $1 – $99,999: decreased 37.8 percent

• $100,000 – $149,999: decreased 17.7 percent

• $150,000 – $249,999: increased 9.4 percent

• $250,000 – $499,999: increased 13.2 percent

• $500,000 – $749,999: increased 17.5 percent

• $750,000 and above: increased 9.1 percent

HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 5,888 in March, up 6.3 percent compared to the same month last year. The average sales price increased 4.8 percent to $300,164 while the median sales price rose 4.9 percent to $236,000.

Houston for sale/rent single family homes

Single-Family Homes Update(HAR report)

Single-family home sales rose 8.2 percent in March with 7,566 units sold throughout greater Houston compared to 6,995 a year earlier. This marks the ninth straight month of positive sales. Prices reached the highest levels ever for a March. The median price increased 4.1 percent to $249,900. The average price rose 3.8 percent to $309,785.

Days on Market (DOM), or the number of days it took the average home to sell, remained unchanged at 65 days. Inventory registered a 3.5-months supply. That compares to 3.8 months a year earlier and is above the current national inventory level of 3.1 months reported by NAR.

Houston housing market Comparison

March Monthly Market Comparison(HAR Report)

Market readings for March were largely positive. The exceptions were inventory, which lowered due to strong consumer demand during the first half of the month, and pending sales, which declined in the latter half due to market uncertainty as the pandemic struck. Single-family home sales, total property sales and total dollar volume all rose compared to March 2019, and pricing levels reached March highs. Total active listings, or the total number of available properties, rose 2.6 percent to 40,932.

Single-family homes inventory recorded a 3.5-months supply in March, down from a 3.8-months supply a year earlier. For perspective, housing inventory across the U.S. stands at a 3.1-months supply, according to the most recent report from the National Association of Realtors (NAR).

Houston for lease/rent single family homes

Lease Property Update(HAR Report)

March saw a mixed performance for lease properties across the greater Houston area. Leases of single-family homes rose 1.2 percent year-over-year, however leases of townhomes and condominiums fell 9.7 percent. The average rent for single-family homes increased 2.4 percent to $1,788 while the average rent for townhomes and condominiums increased 4.2 percent to $1,604.

Houston Housing market

HAR Report:“What’s about to happen to Houston real estate reminds me of Hurricane Harvey in that we are bracing for impact, but don’t yet know what the full extent on the market will be,” said HAR Chairman John Nugent with RE/MAX Space Center. “There are consumers out there for whom finding a home is critical, however, HAR has urged all Realtor members to conduct as much business as possible online, using technology such as virtual open houses, virtual tours and electronic signature documents, in the interest of protecting everyone’s health. What’s most important during this pandemic is for everyone to be responsible community stewards and heed the warnings of health experts and local officials,” added Nugent.

On March 20, all (in-person) open houses were removed from HAR.com out of an abundance of caution for the health and safety of consumers and real estate agents alike. In the next few days, the website will introduce a virtual tour feature allowing Realtors to host and post virtual open houses and conduct virtual showings. Consumers can watch them live on HAR.com at scheduled times and Realtors can then share the recordings on their own websites and social media platforms.

Houston COVID-19 update

(TMC Report and PDATE | May 12, 2020, 3 p.m.: The City of Houston is reporting an additional 153 positive cases of COVID-19, bringing the total case count to 4,913. Additionally, one new death is reported for the city—a male in his 30s—bringing that total to 101. Yesterday, an individual between the ages of 10 and 19 died in Houston from COVID-19.

“This is a reminder that this virus doesn’t discriminate in terms of age,” Mayor Sylvester Turner said during a news briefing.

Starting next week, city council meetings will become virtual gatherings.

On Monday, the mayor’s office confirmed that Houston City Council member Letitia Plummer, DDS, tested positive for COVID-19. In a statement, Turner said: “I am praying for Council Member Letitia Plummer’s speedy recovery as she isolates at home. Based on my observations, she has been careful to protect her health and the safety of those around her by practicing social distancing and wearing facial coverings.”

The mayor also said he plans to follow protocol and will be tested for COVID-19 this week.

Turner also announced details for the city’s proposed budget for fiscal year 2021, which is impacted by the coronavirus crisis.

Houston COVID-19 update

TMC Report andUPDATE | May 11, 2020, noon: Houston is reporting 4,531 confirmed cases of COVID-19 and a total of 94 deaths related to the disease—up 4 from May 8.

The Houston Health Department (HHD) and agency partners will set up new COVID-19 testing sites in vulnerable local communities this week.

• The Texas Division of Emergency Management and HHD will open a drive-thru test site at Moreno Elementary School, 620 E. Canino Rd., for residents in the Northside and Northline areas. The agencies will also set up a site at Holland Middle School, 1600 Gellhorn Dr., for the Pleasantville area. The sites will open today through Saturday, May 16, from 10 a.m. to 7 p.m. or until each reaches its daily capacity of 250 tests. Both sites require appointments; call 512-883-2400 or visit txcovidtest.org.

• United Memorial Medical Center (UMMC) will open a new drive-thru and walk-up test site at the Stimley-Blue Ridge Neighborhood Library, 7007 W. Fuqua Street, in Missouri City. This site will be open today through Saturday, May 16, from 10 a.m. to 5 p.m. or until reaching its daily capacity of 250 tests. No appointments or symptoms are required for testing. For additional information about UMMC test sites, call 1-866-333-COVID or visit ummcscreening.com.

Houston Housing market after opening COVID-19

(HAR Report,HOUSTON — (April 8, 2020) — As COVID-19 ravages the physical and business health of the nation, its impact on the Houston real estate market only began to set in during the last week of March, and therefore caused little disruption to the month’s overall performance. The full effect of the pandemic is expected to become more apparent when the April housing numbers are tallied.

Even with some transactions interrupted before Governor Greg Abbott designated real estate as an “essential” service statewide as part of his March 31 stay-at-home order, Houston home sales were more than 11 percent ahead of the levels at this point in 2019. Consumers were still taking advantage of historically low mortgage interest rates through the first half of the month.

Single-family homes priced between $500,000 and $750,000 led the way in March sales, followed by homes in the $250,000 to $500,000 range. Leases of single-family homes were also up for the month.

According to the latest monthly Market Update from the Houston Association of Realtors (HAR), 7,566 single-family homes sold in March compared to 6,995 a year earlier, accounting for an 8.2 percent increase and the ninth consecutive month of positive sales. The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 4.1 percent to $249,900, and the average price climbed 3.8 percent to $309,785. Both figures represent the highest prices ever for a March. Sales of all property types totaled 8,965, up 6.9 percent from March 2019. Total dollar volume for the month jumped 11.0 percent to slightly more than $2.6 billion