Houston housing market

HAR Report: “The Houston real estate market had an encore performance of slower home sales and solid rental activity in October and we can probably expect those trends to prevail for the rest of the year,” said HAR Chair Cathy Treviño with LPT, Realty. “Housing inventory has grown steadily in recent months and pricing has moderated, so any notable decline in mortgage rates will likely spark renewed interest in homebuying, but only the Fed can control whether that happens.”

 

Single-family home prices continue to moderate. The average price edged up just 0.4 percent to $403,556 while the median price declined 0.9 percent to $327,000. Those figures are significantly below the record highs of $438,350 (average) in May 2022 and $354,000 (median) in June 2022.

Houston housing market

HOUSTON — (November 8, 2023)-HAR Report — The Houston real estate market continues to be hamstrung by the highest mortgage rates in two decades as consumers take most of their business to the rental sector. October marked the 19th straight month of negative home sales, however there are healthy indicators layered throughout the latest statistics as the final quarter of 2023 began. 

 

According to the Houston Association of Realtors’ (HAR) October 2023 Market Update, single-family home sales across Greater Houston fell 3.4 percent, the lowest monthly rate of decline all year. During October, the Houston Multiple Listing Service (MLS) recorded sales of 6,377 units compared to 6,603 in October 2022. Months supply of homes climbed to 3.6, matching a level last seen in November 2019. Compared to pre-pandemic October 2019, when volume totaled 7,187, home sales were down 11.3 percent. 

 

The low and high ends of the market saw positive sales activity while homes priced between $150,000 and $1M experienced modest declines of between 4.3 and 8.5 percent. Rentals of single-family homes and townhomes/condominiums remained strong. HAR will publish its October 2023 Rental Home Update next Wednesday, November 15. 

Houston Real Estate Highlights in September-HAR Report

  • Single-family home sales fell 10.9 percent year-over-year, making September the 18th consecutive month of slowing sales volume;

  • Compared to September 2019, before the pandemic, sales were down 2.3 percent, and compared to September 2018, five years back, they were up 7.1 percent;

  • Days on Market (DOM) for single-family homes rose from 37 to 45 days;

  • Total property sales fell 9.5 percent with 8,550 units sold;

  • Total dollar volume dropped 9.6 percent to $3.3 billion;

  • The single-family median price fell 2.2 percent to $333,000;

  • The single-family average price rose 0.8 percent to $416,664; 

  • Single-family home months of inventory registered a 3.5-months supply, up from 2.6 months a year earlier – the biggest supply since November 2019;

  • Townhome/condominium sales experienced their 16th straight monthly decline, falling 14.4 percent, with the median price up 2.2 percent to $224,250 and the average price up 0.3 percent to $257,909;

  • Compared to pre-pandemic 2019, townhome and condominium sales were down 5.2 percent.

Townhouse/condominium for sale/rent in Houston

Townhouse/Condominium Update-HAR Report

 

Townhouses and condominiums experienced their 16th straight monthly decline in September, dropping 14.4 percent year-over-year with 512 closed sales versus 598 a year earlier. The average price was statistically flat at $257,909 and the median price edged up 2.2 percent to $224,250. Inventory grew from a 2.0-months supply to 3.5 months, the highest level since November 2020. 

Houston housing market

 

HAR Report: Days on Market, or the actual time it took to sell a home, increased from 37 to 45 days. Months of inventory registered a 3.5-months supply compared to 2.6 months a year earlier. The current national supply stands at 3.3 months, as reported by NAR.

 

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

  • $1 - $99,999: was unchanged

  • $100,000 - $149,999: decreased 8.6 percent

  • $150,000 - $249,999: decreased 8.0 percent

  • $250,000 - $499,999: decreased 11.5 percent

  • $500,000 - $999,999: decreased 9.9 percent

  • $1M and above: decreased 4.5 percent

single family home for sale/rent in Houston

Single-Family Homes Update-HAR Report

 

Single-family home sales fell 10.9 percent year-over-year in September with 6,886 units sold across the Greater Houston area compared to 7,728 in 2022. Pricing continues to ease after rising to record highs last spring. The September average price rose a fractional 0.8 percent to $416,664 while the median price fell 2.2 percent to $333,000. 

 

For a pre-pandemic perspective, September closings were 2.3 percent below September 2019’s total of 7,050. The September 2023 median price of $333,000 is 36.1 percent higher than it was in 2019 ($244,679) and today’s average price of $416,664 is 39.1 percent higher than it was then ($299,600). Sales are 7.1 percent above where they were five years ago, in September 2018, when volume totaled 6,427. Back then, the median price was $232,990 and the average price was $294,656.

Houston housing comparison

September Monthly Market Comparison-HAR Report

 

September was the 18th straight month of negative sales activity with year-over-year single-family home sales falling 10.9 percent. When compared to pre-pandemic September 2019, sales were down 2.3 percent and when stacked against the sales volume in September 2018, five years ago, sales were up 7.1 percent.

 

In addition to the decline in single-family sales volume, total property sales and total dollar volume also fell below last year’s levels. Total dollar volume was $3.3 billion, down from $3.7 billion a year earlier. Single-family pending sales rose 1.2 percent. Active listings, or the total number of available properties, were 13.7 percent ahead of the 2022 level.

Houston housing market

HAR Report: “September was a rather lackluster month on the sale side of Houston real estate, and with the holidays approaching, we probably won’t see much improvement as this is traditionally a slow time of year for our industry,” said HAR Chair Cathy Treviño with LPT, Realty. “Rental homes continue to draw strong interest from consumers and it will be interesting to see if that flourishes throughout the holiday season as would-be buyers remain skittish over mortgage rates.”

 

Single-family home prices continue to moderate. The average price edged up just 0.8 percent to $416,664 while the median price fell 2.2 percent to $333,000. Those figures are well below the record highs of $438,350 (average) in May 2022 and $354,000 (median) in June 2022.

Houston housing market

HOUSTON/ HAR Report — (October 11, 2023) — Houston home sales were down for an 18th consecutive month in September as interest rates continued to keep prospective homebuyers headed toward the rental market or putting their buying plans on hold. The slower sales volume enabled inventory to expand and prices to moderate, creating more buyer-friendly conditions once consumer confidence is restored.

 

According to the Houston Association of Realtors’ (HAR) September 2023 Market Update, single-family home sales across the market fell 10.9 percent year-over-year with 6,886 units sold compared to 7,728 in September 2022. Months supply of homes climbed to 3.5, the highest level since November 2019 when it was at a 3.6-months supply. Compared to pre-pandemic September 2019, when volume totaled 7,050, home sales were down 2.3 percent. 

 

All housing segments experienced declines except for the sub-$100,000 market, which contains only 1.2 percent of Houston’s overall housing inventory. It was statistically flat. Rentals of single-family homes and townhomes/condominiums remained strong. HAR will publish its September 2023 Rental Home Update next Wednesday, October 18. 

Houston Real Estate Highlights

Houston Real Estate Highlights in August-HAR Report

  • Single-family home sales were down 3.8 percent year-over-year, the 17th consecutive month of slowing sales volume, however there continued to be signs of overall improvement to the local housing market;

  • The 3.8 percent decline is the smallest since the market registered a 0.8 percent drop in May 2022;

  • Compared to August 2019, before the pandemic, sales were down 8.0 percent, and compared to August 2018, five years back, they were down 4.5 percent. 

  • Days on Market (DOM) for single-family homes rose from 32 to 42 days;

  • Total property sales fell 4.3 percent with 9,780 units sold;

  • Total dollar volume dropped 2.0 percent to $3.8 billion;

  • The single-family median price was statistically unchanged at $339,000;

  • The single-family average price rose 2.5 percent to $420,124; 

  • Single-family home months of inventory registered a 3.3-months supply, up from 2.4 months a year earlier – the biggest supply in three years;

  • Townhome/condominium sales experienced their 15h straight monthly decline, falling 19.0 percent, with the median price up 3.2 percent to $225,000 and the average price up 2.7 percent to $260,909;

  • Compared to pre-pandemic 2019, townhome and condominium sales were down 13.0 percent.