News
Townhouse/Condominium Update-HAR Repost
Townhouses and condominiums experienced their fifth consecutive monthly decline, falling 19.4 percent year-over-year with 548 closed sales versus 680 a year earlier. The average price increased 9.3 percent to $269,936 and the median price rose 3.9 percent to $226,500. Both figures are below the historic highs reached in April 2022. Inventory fell slightly from a 2.3-months supply to 2.1 months.
Single-Family Homes Update-HAR Report
Single-family home sales fell 22.8 percent in October with 6,641 units sold across the Greater Houston area compared to 8,597 a year earlier. In October, the median price increased 8.4 percent to $330,500 while the average price rose 7.2 percent to $403,712.
For a pre-pandemic perspective, October sales are down 7.6 percent compared to October 2019, when a total of 7,187 single-family homes sold. The median price then was 37.7 percent lower, at $240,000, and the average price, at $298,158, was 35.4 percent lower. Sales are 3.5 percent above where they were five years ago, in October 2017, when volume totaled 6,417. Back then, the median price was $226,500 and the average price was $284,659 – reflecting pricing jumps of 45.9 percent and 41.8 percent, respectively
Days on Market, or the actual time it took to sell a home, grew from 32 to 43 days. Inventory registered a 2.8-months supply compared to 1.8 months a year earlier. That is the greatest supply of homes on the market since July 2020. The current national inventory stands at 3.2 months, as reported by NAR.
Broken out by housing segment, October sales performed as follows:
$1 - $99,999: decreased 42.3 percent
$100,000 - $149,999: decreased 34.8 percent
$150,000 - $249,999: decreased 41.6 percent
$250,000 - $499,999: decreased 18.7 percent
$500,000 - $999,999: decreased 6.6 percent
$1M and above: decreased 28.0 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 5,021 in October, down 30.4 percent from the same month last year. The average sales price rose 5.9 percent to $395,627 while the median sales price increased 5.4 percent to $315,000. Those figures continue to be significantly below the pricing records that were set earlier this year.
October Monthly Market Comparison-HAR Report
Homebuying activity slowed for a seventh straight month in October, with mortgage interest rates hovering around seven percent, more than double what it was a year ago, as well as a lack of housing inventory below $400,000. Year-over-year single-family home sales fell 22.8 percent. On a year-to-date basis, sales are trailing last year’s record pace by 6.7 percent.
The monthly housing measurements for October yielded mixed readings. In addition to the drop in single-family home sales, total property sales and total dollar volume declined and pending sales fell 23.4 percent. Active listings (the total number of available properties) jumped 43.0 percent.
Months of inventory continues to grow, reaching a 2.8-months supply in October. That is the highest level since July of 2020 when it was 2.9 months. Housing inventory nationally stands at a 3.2-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.
HAR Report: All housing segments experienced negative sales in October. The smallest decline in sales was recorded among homes priced $500,000 and $999,999, which fell 6.6 percent. With fewer homes priced below $250,000, some consumers pivoted to the rental market. HAR will examine those trends in the October 2022 Rental Home Update, to be released next Wednesday, November 16.
“The Houston housing market is heading towards more balanced conditions,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “We saw years of unprecedented growth, and it appears the market is finally nearing pre-pandemic levels. Higher mortgage rates are softening buyer demand. But as prices level off and inventory grows, we’re going to see more consumers move from the sidelines to the marketplace.”
The average price of a single-family home rose 7.2 percent in October to $403,712 –below the record high of $438,290 reached earlier this year in May. The median price jumped 8.4 percent to $330,500, which is also below the highest median of all time, $354,000, reached in June 2022. 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 held above $300,000 since May of 2021.
HOUSTON -HAR Report— (November 9, 2022) — Rapidly-rising mortgage rates dampened home sales in the Greater Houston area in October as the housing market cooldown continues. However, home prices are still well above where they were a year ago. October marked the seventh consecutive month of declining sales and rising inventory as the market continues toward a more normalized, pre-pandemic pace.
According to the Houston Association of Realtors’ (HAR) October 2022 Market Update, single-family home sales fell 22.8 percent, with 6,641 units sold compared to 8,597 in October 2021. On a year-to-date basis, the market now trails 2021’s record-setting volume by 6.7 percent.
Houston Real Estate Highlights in September-HAR Report
Single-family home sales fell 17.0 percent year-over-year, the sixth consecutive decline of 2022 as the market continues toward a more normalized, pre-pandemic pace;
Despite the overall sales volume decline, the high end of the market flourished with the $500,000 to $1M housing segment establishing itself as the top-performing segment in September, up 12.6 percent year-over-year;
Days on Market (DOM) for single-family homes grew from 29 to 37 days;
Total property sales were down 17.0 percent with 9,387 units sold;
Total dollar volume was off 8.5 percent at $3.7 billion;
The single-family average price rose 11.6 percent to $414,776;
The single-family median price increased 14.7 percent to $343,950;
Single-family home months of inventory registered a 2.7-months supply, up from 1.7 months a year earlier. That is the greatest inventory level since July of 2020;
Townhome/condominium sales experienced their fourth consecutive monthly decline, falling 17.6 percent, with the average price up 7.5 percent to $257,781 and the median price up 4.8 percent to $220,000.
Townhouse/Condominium Update-HAR Report
Townhouses and condominiums experienced their fourth consecutive monthly decline, falling 17.6 percent year-over-year with 601 closed sales versus 729 a year earlier. The average price increased 7.5 percent to $257,781 and the median price rose 4.8 percent to $220,000. Both figures are below the historic highs reached in April 2022. Inventory fell from a 2.3-months supply to 2.0 months.
Single-Family Homes Update-HAR Report
Single-family home sales fell 17.0 percent in August with 7,664 units sold across the Greater Houston area compared to 9,235 a year earlier. In September, the median price climbed 14.7 percent to $343,950 while the average price rose 11.6 percent to $414,776.
For a pre-pandemic perspective, September sales are up 8.7 percent compared to three years ago, in September 2019, when a total of 7,050 single-family homes sold. The median price then was 40.6 percent lower, at $244,679, and the average price, at $299,600, was 38.4 percent lower. Sales are 10.2 percent above where they were five years ago, in September 2017, when volume totaled 6,953. Back then, the median price was $232,000 and the average price was $290,683 – reflecting pricing jumps of 48.3 percent and 42.7 percent, respectively.
Days on Market, or the actual time it took to sell a home, grew from 29 to 37 days. Inventory registered a 2.7-months supply compared to 1.7 months a year earlier. That is the greatest supply of homes on the market since July 2020. The current national inventory stands at 3.2 months, as reported by NAR.
Broken out by housing segment, September sales performed as follows:
$1 - $99,999: decreased 31.7 percent
$100,000 - $149,999: decreased 25.5 percent
$150,000 - $249,999: decreased 44.7 percent
$250,000 - $499,999: decreased 11.3 percent
$500,000 - $999,999: increased 12.6 percent
$1M and above: increased 7.2 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 6,058 in September, down 22.8 percent from the same month last year. The average sales price rose 11.4 percent to $409,384 while the median sales price increased 11.9 percent to $330,000. Those figures are significantly below the pricing records that were set earlier this year.
September Monthly Market Comparison-HAR Report
Homebuying activity slowed for a sixth straight month in September, with mortgage interest rates exceeding six percent for the first time in years, as well as a continued lack of housing inventory below $400,000. Year-over-year single-family home sales fell 17.0 percent. On a year-to-date basis, sales are trailing last year’s record pace by 5.1 percent.Market indicators provided mixed readings in September. In addition to the drop in single-family home sales, total property sales and total dollar volume declined and pending sales fell 15.5 percent. Active listings (the total number of available properties) jumped 36.3 percent.
Months of inventory grew again in September, reaching a 2.7-months supply. That is the highest level since July of 2020 when it was 2.9 months. Housing inventory nationally stands at a 3.2-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.
HAR Report: The top sales volume performer was the $500,000 to $1 million housing segment, which rose 12.6 percent. The only other segment to remain in positive territory was $1M and above housing, which increased 7.2 percent. Many would-be homebuyers continued to turn to rental housing options in September. HAR will examine those trends in the September 2022 Rental Home Update, to be released next Wednesday, October 19.
“The Houston housing market consists of many concurrent trends,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “The high end of the market continues to perform well, as is the rental market. But because of a lack of homes priced below $400,000, the market as a whole is slowing to levels we were accustomed to before the pandemic. The most encouraging news of all is the gradual build-back of inventory, which should yield more options for consumers going forward.”
