(HAR report):Consumers snapped up rental homes in strong numbers in May. Leases of single-family homes surged 11.9 percent year-over-year. However, leases of townhomes and condominiums slid 4.6 percent. The average rent for single-family homes was down 2.8 percent to $1,822 while the average rent for townhomes and condominiums was fell 4.6 percent to $1,586.
Houston COVID-19 update
UPDATE | July 7, 2020, noon(TMC Report): The U.S. is set to exceed 3 million cases of COVID-19, according to a STAT News tracker, which draws datasets from more than 15 sources. The 3 million mark comes nearly one month after the case count exceeded 2 million in the U.S. Meanwhile, Texas is reporting a 13.5 percent positivity rate as of July 5, and the City of Houston reports 19,343 active cases, with 239 deaths.
The New York Times reported this morning that the United States plans to pay $1.6 billion for the development of 100 million doses of a vaccine for COVID-19 disease. The deal, made by the Trump administration with Maryland-based vaccine development company Novavax, is part of the administration’s “Operation Warp Speed”—which aims to make treatments for COVID-19 available to the American public as soon as possible. According to the New York Times report, Novavax has never before brought a product to market.
The Texas Medical Association recently released a chart rating activities based on their risk for contracting COVID-19 disease. Opening the mail ranked least risky, while activities such as going to a bar, attending a religious service with more than 500 worshipers and going to a sports stadium or large concert were among the riskiest behaviors. Moderate risk activities included backyard barbecues, sending kids to camp or daycare and going to the beach.
4th of July in Houston
(by:Houston Chronicle): This Fourth of July will look very different for Houston-area residents . The governor has closed bars and on Thursday ordered nearly all Texans to begin wearing face masks in public. Nearly every city and town along the I-45 corridor has cancelled their annual parades and picnics. Some are going ahead with fireworks shows, albeit with social distancing baked into the event, or as drive-thru celebrations.
On the coast, Galveston has shut down its beaches, hoping to avoid a repeat of Memorial Day weekend when thousands converged on the island despite a pandemic. Brazoria County will do the same, restricting beach access only to those who can provide proof of residence or a vacation rental booking.
Of course, normalcy is in the eye of the beholder. Houston’s July 4th celebrations have been marred by rain in recent years, including flooding that caused blue letters from a temporary HOUSTON sign to float down Buffalo Bayou, a metaphor that hit a little too close to home with Hurricane Harvey a not-so-distant memory. At least the forecast for Saturday is sunny with a high of 98.
Yet Houston officials are walking a delicate tightrope, caught between wanting to give citizens the illusion of routine midsummer holiday festivities, while practically begging people to stay in their homes, wear masks, and practice social distancing. Health officials said Thursday that one in four Houstonians who are getting tested have the virus.
"It is imperative that everyone remember we are fighting for our community and the health and safety of our family and friends,” said Houston Mayor Sylvester Turner at a pre-July 4 briefing on Thursday. “As mayor, I can't force you to change your behavior, but I am strongly encouraging you to take the virus seriously."
But the city is doing everything in its power to make July 4 enjoyable. City parks will remain open for active recreation only and urban park rangers will be patrolling to make sure folks aren’t gathering in groups. However, Eleanor Tinsley and Buffalo Bayou Parks will be closed altogether Saturday for the city’s “Freedom Over Texas” Independence Day celebration and fireworks show, which begins at 7 p.m. The annual event, which will be televised on KTRK Channel 13, will include musical performances from the Houston Symphony, Pat Green, Bun B and Trae Tha Truth, among others.
The fireworks will also be enhanced for people viewing from all over the city, said Susan Christian, Houston's director of special events. The fireworks shells that will be going off this year will get between 800 and 1,000 feet in the air, thanks to special accommodations being made to shoot them from a higher altitude.
“We’ve repositioned the show, we’re going to shoot off of trailers and reposition that show so that we can have a much higher latitude and lift for the fireworks show,” Christian said. “So Houstonians can see a much bigger show at a much further distance.”
Other cities are getting creative with their fireworks celebrations. The Woodlands Township is offering residents a “drive-in” fireworks display on Saturday, with designated parking areas for spectators, who are being asked to stay in their cars and social distance. The 18-minute show will be launched around 9:30 p.m. from the campus of Lone Star College - Montgomery .
Houston Housing market
(HAR REPORT):Sales of all property types totaled 7,917, down 20.7 percent from May 2019. Total dollar volume for the month fell 25.9 percent to slightly more than $2.2 billion.
“May delivered another mixed bag of data for the Houston housing market given the ongoing coronavirus pandemic on top of strains in the oil patch and the broader recession,” said HAR Chairman John Nugent with RE/MAX Space Center. “We will eventually work our way through these challenges, and already see positive indicators in the form of strong rental activity, solid pending sales numbers and steady attendance at property showings across greater Houston. Historically low interest rates still make conditions appealing to would-be buyers.”
Houston Housing market
(HAR Report): According to the latest monthly Market Update from the Houston Association of Realtors (HAR), 6,671 single-family homes sold in May compared to 8,359 a year earlier. That translated to a 20.2 percent decline – the second consecutive monthly decline since the pandemic struck the market. The lower sales volume, particularly among high-end homes, took a toll on average sales price numbers, however strong demand in the mid-priced market kept the median price of homes statistically flat. The single-family home average price dropped 7.4 percent to $298,199 while the median price dipped just0.4 percent to $249,000. The last time home prices saw declines was in January 2018.
Houston single family homes
HOUSTON,HAR REPORT — (June 10, 2020) — Houston home sales fell for a second straight month in May as the impact of COVID-19 and related stay-at-home orders continued to play out throughout the market. Growing consumer interest in in-person open houses and property showings, as well as an increase in offers to purchase, demonstrated improving market conditions. The slumping energy industry limited buyers in the luxury home market, which affected the overall average price of single-family homes across the region. Predicting the future of the market remains a challenge, and just this week, the National Bureau of Economic Research declared that the United States has been in a deep recession since February.
Homes in every pricing category suffered losses, with the steepest declines at the low and high ends of the market. Homes priced below $100,000 dropped more than 37 percent while those priced above $750,000 plunged more than 56 percent. Year-to-date sales are now running 4.3 percent behind 2019’s record pace. Leases of single-family homes were the bright spot in May, jumping nearly 12 percent.
Houston Housing for rent/sale market highlights
Houston Real Estate Highlights in April(HAR report)
Single-family home sales fell 19.1 percent year-over-year, with 6,199 units sold, ending nine consecutive months of positive sales;
The Days on Market (DOM) figure for single-family homes was unchanged at 58 days;
Total property sales dropped 21.6 percent, with 7,192 units sold;
Total dollar volume dove 20.4 percent to $2.14 billion;
The single-family home median price rose 2.4 percent to $251,000, reaching an April high;
The single-family home average price was flat at $310,331;
Single-family homes months of inventory was at a 3.6-months supply, down from 3.9 months last April but above the national inventory level of 3.4 months;
Townhome/condominium sales plunged 37.5 percent, with the average price up 11.9 percent to $227,577 and the median price up 12.2 percent to $181,750;
Lease properties staged a negative performance, as single-family home rentals fell 4.1 percent with the average rent down 1.7 percent to $1,765; Volume of townhome/condominium leases fell 9.5 percent with the average rent down 1.2 percent to $1,565.
Townhouse/Condominium for sale in Houston
Townhouse/Condominium Update(HAR report)
Townhome and condominium sales, which staged three strong months until a 1.5 percent year-over-year decline in March, plunged 37.5 percent in April, with 376 units sold compared to 602 one year earlier. The average price jumped 11.9 percent to $227,577 while the median price soared 12.2 percent to $181,750. Inventory grew slightly from a 4.4-months supply to 4.5 months.
Houston house segment break out:
HAR report:
Broken out by housing segment, April sales performed as follows:
$1 - $99,999: decreased 34.3 percent
$100,000 - $149,999: decreased 34.7 percent
$150,000 - $249,999: decreased 19.1 percent
$250,000 - $499,999: decreased 12.1 percent
$500,000 - $749,999: decreased 15.3 percent
$750,000 and above: decreased 31.4 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 4,854 in March, down 19.8 percent compared to the same month last year. The average sales price was unchanged at $299,899 while the median sales price edged up 3.3 percent to $237,500.
Houston single family homes
Single-Family Homes Update(HAR report)
Single-family home sales tumbled 19.1 percent in April with 6,199 units sold throughout greater Houston compared to 7,666 a year earlier. That ended nine consecutive months of positive sales that had the 2020 real estate market outpacing 2019’s record volume. However, positive sales momentum during the first quarter of the year kept year-to-date sales 1.4 percent ahead of 2019’s record volume in April. The median price reached the highest level ever for an April, increasing 2.4 percent to $251,000. The average price was statistically unchanged at $310,331.