Single family homes for sale/rent in Houston

Single-Family Homes Update-HAR Report

 

Single-family home sales fell 16.9 percent in August with 8,241 units sold across the Greater Houston area compared to 9,918 a year earlier. In August, the median price climbed 10.8 percent to $341,950 while the average price rose 8.7 percent to $411,671. 

 

For a pre-pandemic perspective, August sales are down 5.0 percent compared to three years ago, in August 2019, when a total of 8,673 single-family homes sold. The median price then was 36.8 percent lower, at $249,975, and the average price, at $310,139, was 32.7 percent lower. However, sales are 35.3 percent above where they were five years ago, in August 2017, when volume totaled 6,090. Back then, the median price was $230,000 and the average price was $294,963 – reflecting pricing jumps of 48.6 percent and 39.6 percent, respectively. It is worth noting that the 2017 figures were affected by Hurricane Harvey.

 

Days on Market, or the actual time it took to sell a home, grew slightly, from 27 to 31 days. Inventory registered a 2.5-months supply compared to 1.7 months a year earlier. That is the greatest supply of homes on the market since August of 2020. The current national inventory stands at 3.3 months, as reported by NAR.

 

Broken out by housing segment, August sales performed as follows:

  • $1 - $99,999: decreased 28.1 percent

  • $100,000 - $149,999: decreased 24.4 percent

  • $150,000 - $249,999: decreased 43.6 percent

  • $250,000 - $499,999: decreased 10.6 percent

  • $500,000 - $999,999: increased 10.0 percent

  • $1M and above: decreased 13.5 percent

HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 6,739 in August, down 20.3 percent from the same month last year. The average sales price rose 8.8 percent to $408,030 while the median sales price increased 8.9 percent to $330,000. Those figures are significantly below the pricing records that were set earlier this year.

Houston housing market

August Monthly Market Comparison-HAR Report

Homebuyers continued to take a break from the market in August amid the pressures of record home prices and rising interest rates, keeping home sales in negative territory for a fifth straight month. Year-over-year single-family home sales fell 16.9 percent. On a year-to-date basis, sales are lagging just 3.7 percent behind last year’s record pace.

 

Market indicators yielded mixed readings in August. In addition to the drop in single-family home sales, total property sales and total dollar volume of sales experienced declines and pending sales slid 11.0 percent. Active listings (the total number of available properties) jumped 31.1 percent.

 

Months of inventory grew again in August, reaching a 2.5-months supply. That is the highest level since August of 2020 when it was 2.6 months. Housing inventory nationally stands at a 3.3-months supply, according to the latest report from the National Association of Realtors (NAR). A 6.0-months supply is generally considered make up a “balanced market,” in which neither the buyer nor the seller has an advantage.

Houston housing market

HAR Report: As in July, all housing segments experienced negative sales in August except the $500,000 to $1 million segment, which rose 10.0 percent. The smallest decline in sales was recorded among homes priced between $250,000 and $500,000, which fell 10.6 percent. With few homes available for sale at or below $250,000, many consumers have postponed purchase plans or shifted their focus to rental properties. [HAR’s Monthly Rental Home Update for August will be released next Wednesday, September 21]. 

 

“We are easing our way back to the housing market that existed prior to the pandemic,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “For the past two years, Houston housing has been like a runaway train, and what we’ve been seeing most recently is an engineer, finally at the throttle, applying the brakes so the train can pull safely into the next station. It’s important to note that transactions are still happening, just not at a whirlwind pace or record pricing levels, and that is perfectly healthy.”


Houston housing marke

HOUSTON/HAR Report — (September 14, 2022) — The Houston housing market continued easing its way to pre-pandemic levels with an August that marked the fifth consecutive month of declining sales and rising inventory. However, a surge in single-family leases demonstrates that consumers didn’t just suspend purchases due to rising prices and interest rates, but they pivoted to the rental market. These factors have enabled housing inventory to grow to its highest level in two years. 

 

According to the Houston Association of Realtors’ (HAR) August 2022 Market Update, single-family home sales fell 16.9 percent, with 8,241 units sold compared to 9,918 in August 2021. That is the lowest one-month sales volume since February 2022. On a year-to-date basis, the market now trails 2021’s record-setting volume by 3.7 percent. 

Houston housing market

Houston Real Estate Highlights in July-HAR Report

  • Single-family home sales fell 17.1 year-over-year, their fourth and biggest decline of 2022 as the market continues on the path toward a more normalized, pre-pandemic pace;

  • Days on Market (DOM) for single-family homes was flat at 26;

  • The ‘Close to Original List Price Ratio’ for single-family homes fell below 100 percent for the first time since April 2022, meaning that most buyers did not pay above list price for homes on the market;

  • Total property sales were down 17.4 percent with 10,180 units sold;

  • Total dollar volume was off 9.0 percent at $4.1 billion;

  • The single-family average price rose 9.9 percent to $426,494; 

  • The single-family median price increased 12.7 percent to $348,740;

  • Single-family home months of inventory registered a 2.5-months supply, up from 1.7 months a year earlier. That is the greatest inventory level since August of 2020;

  • Townhome/condominium sales experienced their second consecutive monthly decline, falling 21.5 percent, with the average price up 5.0 percent to $257,834 and the median price up 9.7 percent to $220,000.

Townhouse/condo for sale/rent in Houston

Townhouse/Condominium Update-HAR Report

Townhouses and condominiums experienced their second consecutive monthly decline, dropping 21.5 percent year-over-year with 656 closed sales versus 836 a year earlier. Last month’s sales drop was the first one since August of 2020. The average price increased 5.0 percent to $257,834 and the median price rose 9.7 percent to $220,000. Both figures are below the historic highs reached in April 2022. Inventory fell from a 2.5-months supply to 2.0 months. 

 

Houston housing days in the market

HAR Report: Days on Market, or the actual time it took to sell a home, held steady year-over-year at 26 days. Inventory registered a 2.5-months supply compared to 1.7 months a year earlier. That is the greatest supply of homes on the market since August of 2020. The current national inventory stands at 3.0 months, as reported by NAR.

 

Broken out by housing segment, July sales performed as follows:

  • $1 - $99,999: decreased 39.4 percent

  • $100,000 - $149,999: decreased 34.9 percent

  • $150,000 - $249,999: decreased 49.6 percent

  • $250,000 - $499,999: decreased 9.2 percent

  • $500,000 - $999,999: increased 10.1 percent

  • $1M and above: decreased 11.6 percent

HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 6,921 in July, down 20.3 percent from the same month last year. The average sales price rose 10.4 percent to a $427,931 while the median sales price jumped 11.5 percent to $340,000, the second highest of all time. 

Houston housing market Comparison

July Monthly Market Comparison-HAR Report

With prospective homebuyers facing record prices, rising interest rates and a limited supply of homes on the market on top of general consumer inflation, home sales were down again in July. Single-family home sales fell 17.1 percent. On a year-to-date basis, sales are 1.3 percent behind last year’s record pace.

 

The housing measurements for July generated mixed readings. In addition to the drop in single-family home sales, total property sales experienced declines and pending sales slid 12.5 percent. Active listings (the total number of available properties) jumped 30.0 percent but total dollar volume fell 9.0 percent to $4.1 billion.

 

Months of inventory grew again in July, reaching a 2.5-months supply. That is the highest level since August of 2020 when it was 2.6 months. Housing inventory nationally stands at a 3.0-months supply, according to the latest report from the National Association of Realtors (NAR). A 6.0-months supply is generally considered a “balanced market,” in which neither the buyer nor the seller has the upper hand.

HOUSTON/HAR Report — (August 10, 2022) — The frenetic pace of home sales that dominated the Houston housing market throughout most of the pandemic continues to slow its roll. Some consumers, facing record pricing, rising interest rates and limited inventory, have moved to the sidelines or opted to rent. Home sales experienced their fourth consecutive monthly decline in July, while new listings buoyed inventory to the highest level in two years.

 

According to the Houston Association of Realtors’ (HAR) July 2022 Market Update, single-family home sales dropped 17.1 percent, with 8,370 units sold compared to 10,102 in July 2021. That is the lowest one-month sales volume since January 2022. On a year-to-date basis, the market is now trailing 2021’s record-setting pace by 1.3 percent. 

 

The only housing segment that did not experience negative sales in July was the $500,000 to $1 million segment, which rose 10.1 percent. The smallest decline in sales was registered among homes priced between $250,000 and $500,000, which fell 9.2 percent. With a scant assortment of homes priced below $250,000, consumers have had to weigh more expensive property options, shift their focus to rental homes or postpone buying or renting plans altogether. [HAR’s Monthly Rental Home Update for July will be released next Wednesday, August 17]. 

 

“The scorching pace of Houston housing throughout most of the pandemic was completely unsustainable, so the cooling that we have experienced over the past four months was expected and is all part of a market normalization,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “As long as we continue to see inventory grow and prices level off, I believe homebuyers will move off the sidelines and back into the marketplace. An easing of interest rates would help as well, particularly for first-time buyers who desperately want to seize the American Dream of homeownership.” 

 

The average price of a single-family home rose 9.9 percent in July to $426,494 – well below the record high of $438,844 reached in May 2022. The median price jumped 12.7 percent to $348,740, which is well below highest median of all time, $354,613, reached last month. The average price for a single-family home in Houston first broke the $400,000 mark in March of this year. The median price has remained above $300,000 since May of 2021.