Houston housing market

HOUSTON — (July 15, 2024) /HAR Report— As the temperatures climbed in June, the Houston housing market experienced a cooldown with home sales below 2023 levels for the second month in a row. This slowdown coincided with an increase in available homes, offering more options for prospective buyers.

 

Single-family home sales across the Greater Houston area declined 11.6 percent year-over-year, according to the Houston Association of Realtors’ (HAR) June 2024 Market Update. The Houston Multiple Listing Service (MLS) recorded sales of 7,718 units compared to 8,729 last June. Months supply of homes climbed from 3.0 to 4.3, which is the highest in more than a decade.

 

All housing segments saw a slowdown in sales in June. The luxury segment ($1 million+), which represents just 4.1 percent of all homes on the market, experienced the biggest decline with sales 19.4 percent below where they were in June 2023. The segment that consists of homes priced between $500,000 and $1 million had the smallest decline, with sales down 5.8 percent year-over-year. 

 

The average price of a single-family home edged up 0.8 percent to $432,090 compared to last June. The median price increased 0.7 percent to $345,500. 

Houston housing market Comparison

May Monthly Market Comparison-HAR Report

 

Severe weather in the Houston area played a role in a slight decline in single-family home sales in May. Sales were down only 1.5 percent year-over-year as inventory reached the highest levels since before the pandemic in 2019.

 

Total property sales were also down 3.1 percent and total dollar volume was statistically flat at $4.3 billion. Single-family pending sales increased 1.8 percent. Active listings, or the total number of available properties, remains above last year’s level with 38.2 percent more listings for sale now than there were this time last year.

 

Months of inventory expanded from a 2.7-months supply last May to 4.0 months. Housing inventory nationally stands at a 3.5-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-month supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.

Houston housing market

HAR Report: The high end of the market saw the strongest performance in May. Home sales in the luxury segment ($1 million+), which represents just 4.8 percent of all homes on the market, climbed 9.6 percent. That was followed by the segment that consisted of homes priced between $500,000 and $1 million which rose 6.8 percent year-over-year. All other housing segments experienced a slowdown in sales last month. HAR will publish its May 2024 Rental Home Update on Wednesday, June 19. 

 

The average price of a single-family home reached an all-time high in May of $443,970, topping the previous record in May 2022 when it reached $438,350. The average home price was up 3.6 percent year-over-year. The median price increased 1.5 percent to $345,000.

Houston housing market

HOUSTON — (June 12, 2024)/HAR Report — The Houston real estate market navigated a unique set of challenges in May. While severe weather and resulting power outages may have caused a delay in some closings, the market continued to see strong activity with expanding inventory and persistent consumer demand. This unwavering demand fueled record-breaking home prices in the Greater Houston area.

 

According to the Houston Association of Realtors’ (HAR) May 2024 Market Update, single-family home sales across the Greater Houston area declined 1.5 percent. The Houston Multiple Listing Service (MLS) recorded sales of 8,538 units compared to 8,664 last May. Months supply of homes climbed from 2.7 to 4.0, which is the highest since August 2019 when there was a 4.1-months supply.

 

Houston housing market Highlights

Houston Real Estate Highlights in April-HAR Report

  • Single-family home sales rose 9.2 percent year-over-year;

  • Days on Market (DOM) for single-family homes went from 56 to 49 days;

  • Total property sales rose 8.7 percent with 9,611 units sold;

  • Total dollar volume was up 13.8 percent to $4 billion;

  • The single-family median price rose 3.0 percent to $340,000;

  • The single-family average price rose 4.6 percent to $437,198; 

  • Single-family home months of inventory registered a 3.7-months supply, up from 2.6 months a year earlier;

  • Townhome/condominium sales continued to decline, falling 1.3 percent, with the median price down 1.8 percent to $230,000 and the average price down 0.5 percent to $278,048.

Houston housing market

HAR Report: Days on Market, or the actual time it took to sell a home, decreased from 56 to 49 days. Months of inventory increased to a 3.7-months supply compared to 2.6 months a year earlier. The current national supply stands at 3.2 months, as reported by NAR.

 

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

  • $1 - $99,999: increased 24.3 percent

  • $100,000 - $149,999: increased 20.9 percent

  • $150,000 - $249,999: increased 2.2 percent

  • $250,000 - $499,999: increased 6.1 percent

  • $500,000 - $999,999: increased 14.0 percent

  • $1M and above: increased 33.8 percent

HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 5,753 in April, up 9.7 percent from the same month last year. The average price rose 6.8 percent to $442,773 and the median sales price rose 6.1 percent to $339,500.

 

Houston single family for sale/rent

Single-Family Homes Update-HAR Report

 

In April, single-family home sales experienced only the fourth increase in the past 12 months, climbing 9.2 percent year-over-year with a total of 7,926 units sold across the Greater Houston area compared to 7,256 in April of last year. The average price rose 4.6 percent to $437,198 while the median price rose 3.0 percent to $340,000. 

Houston housing market Comparison

April Monthly Market Comparison-HAR Report

After a slow start to the spring homebuying season, single-family home sales rebounded in April with sales climbing 9.2 percent year-over-year and inventory reaching the highest levels since before the pandemic in 2019.

 

In addition to the increase in single-family sales volume, total property sales were up 8.7 percent and total dollar volume increased 13.8 percent from $3.5 billion to $4 billion. Single-family pending sales rose 10.3 percent. Active listings, or the total number of available properties, were 32.3 percent ahead of April 2023.

 

Months of inventory expanded from a 2.6-months supply last April to 3.7 months, which is the highest since October 2019 when there was a 3.8-months supply. Housing inventory nationally stands at a 3.2-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-month supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.

Houston housing market

HAR Report: “The spring homebuying season seems to be blossoming later than usual this year,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “While elevated interest rates continue to be a factor, the rebound in April home sales shows buyers are adapting to the new market realities, and sellers are finding opportunities as inventory levels rise.”

 

The average price of a single-family home throughout Greater Houston rose 4.6 percent to $437,198, which is the second highest price behind May 2022 when it reached a record $438,350. The median price increased 3.0 percent to $340,000.