Houston home prices continue to hit heights never seen before and June’s numbers clearly reflect this. According to HAR’s report for June, the median price for single-family homes rose to an all-time high. Average price for single-family homes wasn’t far behind, as it registered as the second highest ever in Houston. While year-over-year single-family home sales were essentially flat, year-to-date home sales are actually up 2.7 percent. Inventory levels continue to rise as well.

7,696 single-family homes were sold this June, compared to 7,710 in June of 2015. That amounts to a statistically inconsequential year-over-year decrease of 0.2 percent. The year-to-date home sales difference is noteworthy though as home sales thus far in 2016 are up 2.7 percent over home sales through the same point last year. Pending sales at month’s end were also up a significant amount as this June’s number was 7,801, an 8.6 percent increase over the 7,181 pending sales at the end of June 2015.

Home prices have been steadily climbing and June saw them climb higher than ever before. Median price for single-family homes rose from $225,000 in June 2015 to $230,538 this June. Not only does that mean a 2.5 percent year-over-year increase, but a new record high for Houston. Year-over-year average price for single-family homes did drop 0.8 percent to $300,178, but that still registers as the second highest average price in Houston history. It only trails the $302,599 average price in June of last year.

The number of active listings increased 13.8 percent, jumping to 35,857 this June from 31,509 in the previous June. This significant change caused the year-over-year single-family homes inventory to rise from 3.2 months-supply in June 2015 to 3.7 months-supply in June 2016. While this is a 17.2 percent upswing, it still sits below the national average of 4.7 months-supply.

HAR Chairman Mario Arriaga sees all these numbers as pointing to a positive, more sustainable market in the coming months. He explains, “Even though sales overall leveled off compared to last June, volume is up for the year, and we anticipate a sufficient supply of inventory and low interest rates to draw more home buyers into the market in the weeks ahead."

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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