Houston Housing market

HAR report:

“We were bracing for a rough report and we got it, and the numbers are likely to remain this way until more Realtors® and consumers adapt to the use of virtual technology through HAR.com to safely market, tour and purchase or rent homes,” said HAR Chairman John Nugent with RE/MAX Space Center. “There is definitely no lack of consumer interest in real estate, as property listing views on HAR.com are up almost 60 percent from this time last year.”

In his revised Houston economic forecast on April 30, Stewart Title Chief Economist Ted C. Jones, Ph.D. predicted that second quarter homes sales would show declines of 35 percent as a result of the pandemic and full-year 2020 sales would be down 25 percent. Dr. Jones’ complete forecast, entitled “And the Beat Goes On: Pandemics & Seismic Events,” is available as a video on the HAR Facebook page.

Houston Housing market

HOUSTON, HAR report — (May 13, 2020) — The Houston real estate market’s strong start to the new year was abruptly interrupted in April as the full impact of the coronavirus outbreak was felt across Texas and the rest of the country. Stay-at-home directives and social distancing weighed on the market as Realtors® began transitioning to virtual open houses and virtual property showings that enabled consumers to safely and conveniently market and tour homes on HAR.com.

Prior to April, home sales had been outpacing 2019’s record volume as consumers took advantage of historically low interest rates. Despite the slowdown in April, year-to-date sales are still running 1.4 percent ahead of last year’s level.

Homes in every pricing category suffered losses, with the steepest declines at the low and high ends of the market. Leases of single-family homes also took a hit.

According to the latest monthly Market Update from the Houston Association of Realtors (HAR), 6,199 single-family homes sold in April compared to 7,666 a year earlier, representing a 19.1 percent decline and ending a nine-month run of positive sales. Pricing, however, showed little impact. The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 2.4 percent to $251,000, the highest price ever for an April. The average price was statistically flat at $310,331.

Sales of all property types totaled 7,192, down 21.6 percent from April 2019. Total dollar volume for the month fell 20.4 percent to slightly more than $2.1 billion.

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.