It may have been hot in June, but that didn’t keep the homebuyers away in Houston. Homes sales continued to be robust as we entered the summer rush. In face, they “generated the greatest one-month sales volume of all time”.
According to the latest report from the Houston Association of Realtors (HAR), single-family home sales in June 2018 increased 1.8 percent compared to June 2017.
Home prices broke records as well. Single family home prices reached another all time high. The single-family home median price rose 2.6 percent to $245,000. The average price rose to 4.3 percent to $316,463.
According to the Houston Association of Realtors, the 40,198 active listings in June 2018 represented a 3.9 percent drop from June 2017. Month-end pending sales for single-family homes totaled 8,396, a 10.2 percent increase over last year.
Days on Market, or the number of days it took the average home to sell, declined from 50 to 48 days.
Inventory held steady at a 4.1-months supply which is its highest level since August 2017 and equal to the current national inventory level reported by NAR.
Since oil prices continue to maintain relatively high levels (compared to the past couple of years), we should see continued strength in the local Houston housing market as the Summer continues.