The number of homes sold in Houston and the prices at which they sold, both experienced year over year gains in June. Compared with June 2013, this June saw a 5.3% increase in total property sales, a 12.9% gain in total dollar volume, and a 6.6% gain in the average sales price of single family home. The days on market, the number of days a home takes to sell, reached the lowest level of all times- just 46 days (on average).
FYI, the average price of a single family home in Houston is now $283,697, while the median is at $214,000.
As for rental prices, single family homes shot up 18.6% compared to June 2013, while even lease prices for townhouse/condos rose 7.5%. The average rental home in Houston is now at $1800/month. The average rent for a townhouse is now $1618/month.
Here are some other important data points for the Houston Housing Market Report, June 2014:
After a flat sales performance in April and the first decline in three years in May, single-family home sales increased 4.5 percent versus June 2013;
Total property sales rose 5.3 percent;
Total dollar volume climbed 12.9 percent, from $2.2 billion to $2.4 billion on a year-over-year basis;
At $214,000, the single-family home median price achieved a new record high for Houston;
At $283,697, the single-family home average price also reached an historic high;
Days on Market for single-family homes was 46, the lowest level of all time;
Months inventory continues to grow incrementally after holding steady at a 2.6-months supply from December 2013 to April 2014 and edging up to 2.8 months in May. It was 2.9 months in June, down from a 3.3-months supply in June 2013 and well below the national average of 5.6 months;
Rentals of single-family homes surged 18.6 percent while rentals of townhouses/condominiums rose 7.5 percent.
Source: The Houston Association of Realtors
Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
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