Houston home sales were back on the rise in June. Up and down sales numbers have been an ongoing theme for Houston’s 2015 housing market. And, according to HAR’s June report, that trend has continued. After a drop in May sales numbers, June saw a 4.1 percent increase in year-over-year home sales. Home prices have also been steadily rising throughout the year. This upward swing carried on in June with new home price highs set again. The slow, but consistent improvement in Houston's housing inventory continued in June as well.

7,935 single-family homes were sold in June which is the highest one-month volume ever seen in Houston. Pending sales for single-family homes at June’s end also rose. The 8,063 pending sales were a 10 percent increase over June 2014. These booming sales numbers come on the back of low May sales numbers. Fluctuating sales have been reflective of the market rebalancing and the see-saw ride will likely continue during the second half of 2015.

The record home prices set in May didn’t last long as June raised the bar once again. Single-family average home prices were up 6.6 percent year-over-year which brings them to a new Houston high of $302,942. The median price for single-family homes was 4.9 percent higher than June 2014 which now makes $225,000 Houston’s all-time median price record.

Houston’s housing inventory has been slowly, but steadily climbing in 2015 and June saw a continuation of that progression. Inventory increased from 2.9-months supply in June 2014 to 3.2-months supply this June. That number represents the highest level the city has seen since September of 2013. However, It is still well below the current national supply of 5.1. Many believe this relatively low supply is the driving force behind the record setting home prices Houston has been seeing. All this could be set to change though.

A Metrostudy report indicates that housing inventory is primed to rise across the country. This likely means that prices will start to come down. According to the report, countrywide housing starts rose 9.8 percent in June. The investments being made in land and lots lead builders to believe that a steady increase in single-family home starts is coming in the next 12 to 24 months. Permitting is up for single-family construction, which is a sign that housing production is positioned to increase in the second half of 2015.

Houston housing inventory has already been growing at a consistent rate in 2015. Strong indicators that more housing starts are coming means that inventory will presumably continue to increase and maybe even at a more rapid pace. This, in turn, should lead to a normalizing market with lower home prices. HAR Chair Nancy Furst acknowledges that these high sales numbers and home prices probably won’t last, but that the Houston market is in a good place. “I think it speaks very well for the health of our real estate market when you have a month in which sales are up, rentals are up, inventory is growing, and you’re comparing it all to the record year of 2014.” She adds, “we still expect normalization in the marketplace later this year, and that may well mean these alternating up and down sales months, but the bottom line appears to be that there is no lack of interest in housing in Houston, Texas.”

Looking to buy or sell a home, or just have questions about the market? Always feel free to contact me at 713.829.3052 or cynthia@cynthiamullins.com.

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