Houston saw the largest one-month sales volume in history this June, according to a recent report from the Houston Association of Realtors. Home sales are up 8.3 percent from last year, growing from 7,771 in June 2016 to 8,414 in June 2017. On a year-to-date basis, home sales grew 7.4 percent from 2016.
“June proved to be another phenomenal month for the Houston real estate market with buyers and renters sending volume and pricing into record territory,” said HAR Chair Cindy Hamann. “Between continued strong employment numbers and healthy housing inventory levels, we expect the market to remain vibrant.”
Single-family home prices hit record highs, as the median median price grew 2.6 percent in the last year to $239,023, while the average price rose 1.5 percent to $304,155.
The luxury market saw rising sales for the eighth straight month, increasing 13.0 percent. The second highest was in the $150,000 to $249,999, which saw a 12.2 percent increase in sales. Days on market fell three days compared to last year, and overall inventory rose from 3.9-months supply to 4.4-months supply– levels not seen since October 2012.
Townhome and condominium sales increased 1.2 percent with 678 units sold in June, while the average price jumped 7.6 percent to $215,713. The median price grew 3.6 percent to $171,000, and available inventory also grew from 3.5-months supply to 4.3-months supply.
Single-family home and townhome/condominium leases both saw a significant increase in June with single-family home leases growing 17.4 percent while townhome/condominium leases soared 21.3 percent. Single-family home rent average declined 4 percent to $1,806, but the average rent for townhomes/condominiums grew slightly to $1,698, a 2.5 percent increase.