News
HAR Report:Broken out by housing segment, June sales performed as follows:
$1 – $99,999: decreased 16.3 percent
$100,000 – $149,999: decreased 3.9 percent
$150,000 – $249,999: increased 9.8 percent
$250,000 – $499,999: increased 28.3 percent
$500,000 – $749,999: increased 18.6 percent
$750,000 and above: decreased 10.6 percent
Single-Family Homes Update(HAR Report)
Single-family home sales shot up 15.7 percent in June, with 9,328 units sold across greater Houston compared to 8,063 a year earlier. That reversed two straight monthly declines as a result of the COVID-19 pandemic with additional impact from the strained energy industry. On a year-to-date basis, sales now match last year’s record pace. The single-family home median price rose 3.6 percent to an all-time high of $262,000 while the average price decreased a fractional 0.6 percent to $319,881.
June Monthly Market Comparison(HAR Report)
Pent-up demand resulting from coronavirus-related stay-at-home orders in March and April helped boost pending listings in May, paving the way for a surge in closings in June that drove sales volume up to levels typically seen in Houston over a COVID-free summer. Single-family home sales, total property sales and total dollar volume all rose compared to June 2019. Pending sales rocketed 39.3 percent, suggesting the likelihood of another strong sales month for July. Total active listings, or the total number of available properties, fell 17.5 percent.
With an ongoing slowdown in new listings to the marketplace and an increase in homes going under contract, single-family homes inventory shrank to a 3.2-months supply in June versus 4.3-months a year earlier. For perspective, housing inventory across the U.S. stands at a 4.8-months supply, according to the most recent report from the National Association of Realtors (NAR).
Lease Property Update(HAR Report)
June leases of single-family homes surged 15.3 percent year-over-year. However, leases of townhomes and condominiums were flat. The average rent for single-family homes was down 1.0 percent to $1,906 while the average rent for townhomes and condominiums rose 7.9 percent to $1,731.
HAR Report:Sales of all property types totaled 11,153, up 18.3 percent from June 2019. Total dollar volume for the month increased 15.1 percent to $3.3 billion. Leases of single-family homes were another bright spot in HAR’s monthly report, climbing more than 15 percent.
“Coronavirus has driven the Houston housing market into uncharted territory, however, we do know for certain that consumers have shown unwavering interest in real estate since the pandemic began,” said HAR Chairman John Nugent with RE/MAX Space Center. “HAR’s early introduction of virtual open houses and virtual showings has enabled consumers to forge ahead with house-hunting plans without compromising health and safety, and historically low interest rates have remained a strong incentive to buy.”
For the latest weekly report on housing market trends throughout the greater Houston area, please see the HAR Weekly Activity Snapshot for the week ending July 6, available HERE as a downloadable PDF file.
HOUSTON, HAR Report — (July 8, 2020) — A flurry of homes going under contract in May after COVID-19-related stay-at-home orders expired led to a surge of closings in June, driving home sales volumes back up to levels considered more normal for summertime in Houston – and even beyond 2019’s record pace. However, renewed coronavirus concerns, stemming from a spike in cases across greater Houston and in other parts of Texas, may bring this taste of normalcy to an end by the fall.
According to the latest Market Update from the Houston Association of Realtors (HAR), 9,328 single-family homes sold in June compared to 8,063 a year earlier. That translated to a 15.7 percent jump – a strong rebound from two straight months of declines brought on by coronavirus and ongoing strains in the energy industry.
Homes priced between $250,000 and $500,000 led the way among all housing segments, soaring 28.3 percent year-over-year. The second-best performer consisted of homes in the $500,000 to $750,000 range, which jumped 18.6 percent. Year-to-date sales are now on par with 2019’s record pace after lagging by 4.3 percent in May.
The single-family home median price increased 3.6 percent to an historic high of $262,000 while the average price dipped less than one percent to $319,881.
Houston Real Estate Highlights in May
Single-family home sales fell 20.2 percent year-over-year, with 6,671 units sold, marking the second straight month of declines fueled by the COVID-19 pandemic;
The Days on Market (DOM) figure for single-family homes grew from 54 to 58 days;
Total property sales dropped 20.7 percent, with 7,917 units sold;
Total dollar volume dove 25.9 percent to $2.23 billion;
The single-family home average price fell 7.4 percent to $298,199, the first decline since January 2018;
The single-family home median price was statistically flat at $249,000;
Single-family homes months of inventory was at a 3.5-months supply, down from 4.1 months last May and below the national inventory level of 4.1 months;
Townhome/condominium sales dropped 36.0 percent, with the average price down 2.3 percent to $206,146 and the median price up 2.9 percent to $175,000;
Single-family home rentals jumped 11.9 percent with the average rent down 2.8 percent to $1,822;
Volume of townhome/condominium leases fell 4.6 percent with the average rent down 4.6 percent to $1,586.
Townhouse/Condominium Update(HAR Report):
Townhome and condominium sales, which took a hit in April along with the single-family segment, experienced another dramatic fall in May, plunging 36.0 percent. A total of 417 units sold compared to 652 one year earlier. The average price tumbled 2.3 percent to $206,146 while the median price rose 2.9 percent to $175,000. Inventory grew slightly from a 4.5-months supply to 4.6 months.
(HAR Report): Days on Market (DOM), or the number of days it took the average home to sell, rose slightly from 54 to 58. Inventory registered a 3.5-months supply compared to 4.1 months a year earlier and is below the current national inventory level of 4.1 months recently reported by NAR.
Broken out by housing segment, May sales performed as follows:
$1 - $99,999: decreased 37.7 percent
$100,000 - $149,999: decreased 26.1 percent
$150,000 - $249,999: decreased 16.2 percent
$250,000 - $499,999: decreased 15.3 percent
$500,000 - $749,999: decreased 29.0 percent
$750,000 and above: decreased 56.3 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 5,114 in May, down 28.2 percent compared to the same month last year. The average sales price fell 8.9 percent to $287,606 while the median sales price dropped 2.1 percent to $235,000.
Single-Family Homes Update(HAR Report)
Single-family home sales fell 20.2 percent in May, with 6,671 units sold throughout greater Houston compared to 8,359 a year earlier. That marked the second straight monthly decline as a result of the COVID-19 pandemic with additional impact from the strained energy industry. On a year-to-date basis, sales now lag behind last year’s record pace by 4.3 percent. Pricing saw its first declines since January of 2018. The average price dropped 7.4 percent to $298,199. The median price was down a fractional 0.4 percent to $249,000.
