?? Houston Real Estate Market Update - June 2024 ??
Rich Nickel - Houston Real Estate Professional
Keller Williams Realty
Houston's real estate market faced unique challenges in May due to severe weather and power outages. Despite these obstacles, the market remained active with growing inventory and strong consumer demand, resulting in record-breaking home prices!
Market Overview:
Single-Family Homes:
The average price of a single-family home reached an all-time high in May of $443,970, surpassing the previous record set in May 2022 when it was $438,350. The average home price increased by 3.6 percent year-over-year, while the median price rose by 1.5 percent to $345,000.
“The Houston market has demonstrated its resilience yet again,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “Although weather disruptions impacted some sales, there continued to be strong activity with an increase in available listings and persistent buyer interest. We are beginning to see a more balanced market pace, benefiting both buyers with more options and sellers with sustained demand.”
May Monthly Market Comparison
Severe weather in the Houston area contributed to 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 also decreased by 3.1 percent, and total dollar volume remained statistically flat at $4.3 billion. Single-family pending sales increased by 1.8 percent. Active listings, or the total number of available properties, are up 38.2 percent compared to the same time last year.
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Months of inventory grew from a 2.7-months supply last May to 4.0 months. Nationally, housing inventory 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 typically considered a “balanced market” where neither buyer nor seller has a distinct advantage.
Single-Family Homes Update
In May, single-family home sales decreased by 1.5 percent year-over-year, with a total of 8,538 units sold across the Greater Houston area compared to 8,664 last May. The average price rose by 3.6 percent to $443,970, while the median price increased by 1.5 percent to $345,000.
Days on Market, or the actual time it took to sell a home, decreased from 49 to 45 days. Months of inventory increased to a 4.0-months supply compared to 2.7 months last May. The current national supply stands at 3.5 months, as reported by NAR.
Sales Performance by Price Segment:
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 6,225 in May, down 2.2 percent compared to the same time last year. The average price rose by 6.1 percent to $456,769, and the median sales price increased by 3.6 percent to $345,000.
Townhouse/Condominium Update
In May, the inventory of townhomes and condominiums reached the highest level in nearly 12 years. Inventory grew from a 2.5-months supply last May to 4.7 months, the highest since October 2012 when it was 5.0 months.
Sales declined by 9.8 percent year-over-year, with 555 closed sales compared to 615 in May of last year. The average price of townhomes and condominiums rose by 7.5 percent to a record high of $281,777, while the median price jumped by 12.1 percent to $241,600.