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Monthly Update: Home Sales

June '19
Published on 7/10/19
Monthly Update: Home Sales

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Houston-area realtors sold 8,097 single-family homes in June ’19, a 3.4 percent decrease from June ’18, according to data from the Houston Association of Realtors (HAR). Year-to-date single-family home sales total 40,554, up 1.4 percent from the same span in ’18. The single-family home median sales price increased 2.9 percent from a year ago to $252,000, a new record-high for the region.  Inventory continued to build in June, with active listings growing to 45,262 units, up 11.0 percent from June ’18 and the most since October ’11.

 

Home Sales June 19 - graph

“We knew it would be difficult to top last June’s record-breaking sales volume, but the Houston real estate market remains strong and now offers prospective buyers an even greater selection of housing than they’ve had in some time,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties. “Consumers also continue to show interest in rental properties, which had another impressive performance in June.”

Rentals for single-family homes increased 3.0 percent compared to June ’18, while townhome and condominium rentals increased 3.2 percent. The average single-family home lease increased 2.2 percent to $1,922, while the average townhome/condominium lease fell 3.2 percent to $1,606.
 

June 19 homes - table

Sales of lower-priced homes remains weak. Those priced $100,000 - $150,000 plunged 31.9 percent from their year-ago marks, while those below $100,000 fell 8.1 percent. Broken out by housing segment, year-over-year June single-family sales performed as follows:

•    $1 - $99,999: decreased 8.1 percent
•    $100,000 - $149,999: decreased 31.9 percent
•    $150,000 - $249,999: decreased 4.7 percent
•    $250,000 - $499,999: increased 0.7 percent
•    $500,000 - $749,999: increased 4.7 percent
•    $750,000 and above: unchanged

Single-family housing inventory expanded to 4.4 months of supply, up from 4.1 months a year earlier and slightly above the national housing inventory of 4.3 months. Days on Market (DOM), or the number of days it took the average home to sell, was 49 days, up from 48 days last year.
 

 

Patrick Jankowski, CERP
Senior Vice President, Research
713-844-3616
pjankowski@houston.org

 

Josh Pherigo
Manager, Research
713-844-3617
jpherigo@houston.org

 

Real Estate Key Economic Indicators
$321,973

The average price for a single-family home in Houston in June '19

8,097

Houston-area realtors sold 8,097 single-family homes in June '19

Executive Partners