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Single-Family Homes Update-HAR Repprt
Single-family home sales rebounded in September, increasing 1.7 percent year-over-year with a total of 6,973 units sold across the Greater Houston area compared to 6,858 last year. The average price held steady at $415,435 while the median price increased slightly to $335,000. The price per square foot increased from $177 last year to $178.
September Monthly Market Comparison-HAR Report
September marked the fifth consecutive month of year-over-year declines in total property sales. Sales were down 3.3 percent compared to the same time last year. Total dollar volume was statistically unchanged at $3.3 billion. The number of available properties were 25.0 percent above where they were last September.
HAR Report: “Although sales have slowed, the Houston housing market is still in good shape,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “Expanding inventory and easing mortgage rates are offering buyers more opportunities. A potential Fed rate cut later this month could further boost consumer confidence and home sales.”
HAR will publish its August 2024 Rental Home Update on Wednesday, September 18.
HOUSTON /HAR Report— (September 11, 2024) — As the summer temperatures climbed in August, Houston’s housing market experienced a cooldown. The slower sales volume enabled inventory to expand and prices to moderate, creating a positive landscape for home buyers.
According to the Houston Association of Realtors’ (HAR) August 2024 Market Update, single-family home sales across the Greater Houston area declined 8.3 percent year-over-year. The HAR Multiple Listing Service (MLS) recorded sales of 7,340 units compared to 8,006 last August. Inventory expanded from a 3.2-months supply to 4.5 months, which is the highest since September 2012.
The luxury segment ($1 million+), which represents 4.1 percent of all home sales in August, had the strongest performance, with a 2.0 percent increase in sales. All other housing segments experienced slower sales in August. Homes priced between $100,000 and $149,000 saw the biggest decline, with closings down 13.2 percent year-over-year. That segment made up just 2.2 percent of the overall market.
The average price of a single-family home edged up by 0.9 percent to $421,912 while the median price declined slightly, 0.3 percent, to $336,940.
Houston Real Estate Highlights in June-HAR Report
Single-family home sales declined 11.6 percent year-over-year;
Days on Market (DOM) for single-family homes went from 45 to 46 days;
Total property sales were down 13.6 percent with 9,133 units sold;
Total dollar volume declined 12.2 percent to $3.8 billion;
The single-family median price was statistically flat at $345,500;
The single-family average price was statistically flat at $432,090;
Single-family home months of inventory registered a 4.3-months supply, up from 3.0 months last June;
Townhome/condominium sales continued to decline, falling 19.9 percent, with the median price up 12.1 percent to $241,000 and the average price up 7.8 percent to $271,356.
Townhouse/Condominium Update-HAR Report
Sales of townhomes and condominiums also slowed in June. Sales were 19.9 percent below where they were last year with 506 closed sales compared to 632 in June 2023. The average price of townhomes and condominiums rose 7.8 percent to $271,356 while the median price was up 12.1 percent to $241,000.
HAR Report: Active listings were 40.0 percent above where they were during the same time last year, with 30,053 available homes in June.
Days on Market, or the actual time it took to sell a home, was up from 45 to 46 days. Months of inventory increased to a 4.3-months supply compared to 3.0 months last June. That is ahead of the current national supply which stands at 3.7 months, as reported by NAR.
Broken out by housing segment, June sales performed as follows:
$1 - $99,999: decreased 17.6 percent
$100,000 - $149,999: decreased 6.4 percent
$150,000 - $249,999: decreased 7.2 percent
$250,000 - $499,999: decreased 11.5 percent
$500,000 - $999,999: decreased 5.8 percent
$1M and above: decreased 19.4 percent
HAR also breaks out sales figures for existing single-family homes. In June, existing home sales totaled 5,507, which is down 15.1 percent compared to the same time last year. The average price climbed 3.1 percent to $447,142 and the median sales price increased 2.7 percent to $349,000.
Single-Family Homes Update-HAR REPORT
In June, single-family home sales declined 11.6 percent year-over-year with a total of 7,718 units sold across the Greater Houston area compared to 8,729 last June. The average price was statistically flat at $432,090 as well as the median price at $345,500.
June Monthly Market Comparison-HAR Report
June marked the second consecutive month where home sales declined. Single-family pending sales outpaced 2023 figures, jumping 8.4 percent compared to last June.
Total property sales were down 13.6 percent and total dollar volume declined 12.2 percent to $3.8 billion. Active listings, or the total number of available properties, continued to increase with 33.8 percent more listings for sale now compared to June 2023.
Months of inventory expanded from a 3.0-months supply last June to 4.3 months, which is the highest since October 2012 when there was a 4.4-months supply. Housing inventory nationally stands at a 3.7-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.
HAR Report: “While there are more options available for homebuyers, affordability concerns continue to be a major hurdle,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “Many consumers are taking a wait-and-see approach due to elevated mortgage rates and higher prices, and some are ultimately choosing to rent.”
HAR will publish its June 2024 Rental Home Update on Wednesday, July 17.
