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Townhouse/Condominium Update-HAR Report
Townhouses and condominiums experienced their sixth consecutive monthly decline, dropping 36.2 percent year-over-year with 437 closed sales versus 685 a year earlier. That is the steepest monthly decline in sales volume for 2022. The average price declined 1.3 percent to $253,551 and the median price rose 3.8 percent to $218,000. Both figures are below the historic highs reached in April 2022. Inventory grew a 1.9-months supply to 2.1 months.
HAR Report: Broken out by housing segment, November sales performed as follows:
$1 - $99,999: decreased 13.9 percent
$100,000 - $149,999: decreased 29.6 percent
$150,000 - $249,999: decreased 44.6 percent
$250,000 - $499,999: decreased 27.4 percent
$500,000 - $999,999: decreased 19.0 percent
$1M and above: decreased 23.7 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 4,214 in November, down 38.1 percent from the same month last year. The average sales price rose 4.3 percent to $397,178 while the median sales price increased 2.5 percent to $312,500. Those figures continue to be significantly below the pricing records that were set earlier this year.
HAR Report: For a pre-pandemic perspective, November sales are down 8.4 percent compared to November 2019, when a total of 6,359 single-family homes sold. The median price then was 27.4 percent lower, at $241,000, and the average price, at $297,070, was 26.4 percent lower. Sales are 7.3 percent behind where they were five years ago, in November 2017, when volume totaled 6,285. Back then, the median price was $225,000 and the average price was $282,936 – reflecting pricing jumps of 47.6 percent and 42.6 percent, respectively.
Days on Market, or the actual time it took to sell a home, grew from 35 to 48 days. Months supply registered 2.9 months compared to 1.5 months a year earlier. That is the greatest months supply of homes since July 2020. The current national supply stands at 3.3 months, as reported by NAR.
Single-Family Homes Update-HAR Report
Single-family home sales fell 30.4 percent in November, with 5,827 units sold across the Greater Houston area compared to 8,374 a year earlier. That is the steepest one-month sales decline of 2022. The median price increased 7.0 percent to $332,000 while the average price rose 5.8 percent to $403,589. Both figures are well below record pricing levels attained earlier in the year.
November Monthly Market Comparison-HAR Report
November marked the eighth consecutive month of negative sales as the market endures a perfect storm of economic challenges, including inflation, elevated interest rates and pricing, limited inventory and the start of the holiday shopping season. Year-over-year single-family home sales fell 30.4 percent, but when compared to November 2019 – before the pandemic – sales were down just 8.4 percent despite the doubling of interest rates. On a year-to-date basis, sales are trailing last year’s record pace by 8.8 percent.
The monthly housing measurements for November offer a mixed bag of readings. In addition to the drop in single-family home sales, total property sales and total dollar volume fell; single-family pending sales declined by 28.3 percent. Active listings (the total number of available properties) is up 51.3 percent compared to last year, but remains below pre-pandemic levels.
Months of inventory continues to improve, growing to a 2.9-months supply in November. That is the highest level since July 2020 when it also was 2.9 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 the buyer and seller are on equal footing.
HOUSTON, HAR Report — (December 14, 2022) —Houston real estate was down for an eighth straight month in November as the market continued weathering strong economic headwinds that included inflation, elevated interest rates and home prices, and low inventory. Add Thanksgiving and the start of the holiday shopping season to the mix and a drop in sales was inevitable.
According to the Houston Association of Realtors’ (HAR) November 2022 Market Update, single-family home sales fell 30.4 percent, with 5,827 units sold compared to 8,374 in November 2021. That marks the steepest monthly sales decline of 2022. However, when compared to the last November before the pandemic – November of 2019 – sales were down 8.4 percent. On a year-to-date basis, the market trails 2021’s record-setting volume by 8.8 percent.
All housing segments experienced declines in November. By contrast, single-family home rentals had another solid gain, demonstrating that prospective buyers continue to shift to the rental market until economic conditions stabilize or improve. HAR will report on rental trends in the November 2022 Rental Home Update, to be released next Wednesday, December 21.
“Because Houston housing was hyper-energized at the beginning of the year, concern arose when interest rates increased and we began experiencing a consistent decline in sales volume,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “It’s important to maintain perspective by acknowledging that our market is battling the same forces as the rest of the country, between higher interest rates and prices, inflation and limited inventory. Fortunately, the Houston area has weathered the downturn better than many other markets.”
The average price of a single-family home rose 5.8 percent in November to $403,589 –well below the record high of $438,301 reached in May of this year. The median price increased 7.0 percent to $332,000, which is also below the highest median of all time, $354,000, which was achieved in June 2022.
Houston Real Estate Highlights in October-HAR Report
Single-family home sales fell 22.8 percent year-over-year, the seventh consecutive decline of 2022 as the market returns to pre-pandemic levels;
All housing segments experienced negative sales in October. The smallest decline in sales Days on Market (DOM) for single-family homes grew from 32 to 43 days;
Total property sales were down 22.7 percent with 8,223 units sold;
Total dollar volume declined 18.4 percent to a little over $3 billion;
The single-family average price rose 7.2 percent to $403,712;
The single-family median price increased 8.4 percent to $330,500;
Single-family home months of inventory registered a 2.8-months supply, up from 1.8 months a year earlier. That is the greatest inventory level since July of 2020;
Townhome/condominium sales experienced their fifth consecutive monthly decline, falling 19.4 percent, with the average price up 9.3 percent to $269,936 and the median price up 3.9 percent to $226,500.
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.
