From HAR.com | June Happenings

HOUSTON  (June 15, 2016)  Steady growth in the supply of homes provided the fuel needed to help boost to the Houston real estate market in May, with single-family home sales up 10 percent year-over-year. As the market has seen for several months, the greatest concentration of home buying continued to take place among mid-range housing—homes priced between $150,000 and $500,000. The average and median price remained virtually the same as May of 2015.

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According to the latest monthly report prepared by the Houston Association of Realtors (HAR), a total of 7,343 homes sold in May compared to 6,678 a year earlier. On a year-to-date basis, home sales rose 3.6 percent versus May of 2015. New listings buoyed inventory levels from a 3.0-months supply to 3.6 months.

"We are seeing more normal market conditions for this time of year and that is the direct result of more plentiful housing inventory for buyers,” said HAR Chairman Mario Arriaga with First Group. “A year ago, the supply of homes was historically low, which increased buyer-side demand and pushed up pricing. These are the fundamental forces of supply and demand, and with more available housing and an easing of prices, we look forward to a healthy pace of sales throughout the summer."

The single-family home average price declined a fractional 0.5 percent in May to $290,931. The median price—the figure at which half of the homes sold for more and half sold for less—held steady at $225,000.

May sales of all property types in Houston totaled 8,703, up 7.1 percent from the same month last year. Total dollar volume for properties sold in May rose 7.3 percent to $2.4 billion.

May Monthly Market Comparison

The Houston real estate market gauges held to positive territory in May compared to those from a year earlier and continue to reflect what are widely considered sustainable market conditions. On a year-over-year basis, single-family homes sales and total dollar volume were up, inventory grew and prices were statistically flat.

Month-end pending sales for single-family homes totaled 8,286, an increase of 15.6 percent compared to last year which portends the likelihood of more positive sales when the June numbers are tallied. Total active listings, or the total number of available properties, at the end of May climbed 17.4 percent from May 2015 to 35,416.

An increase in new listings in May boosted single-family homes inventory, with levels climbing from a 3.0-months supply to 3.6 months. For perspective, housing inventory across the U.S. currently stands at a 4.7-months supply, according to the latest report from the National Association of Realtors (NAR).

CATEGORIES
MAY 2015
MAY 2016
CHANGE
Total property sales
8,123
8,703
7.1%
Total dollar volume
$2,229,902,866
$2,392,124,785
7.3%
Total active listings
30,162
35,416
17.4%
Single-family home sales
6,678
7,343
10.0%
Single-family average sales price
$292,258
$290,931
-0.5%
Single-family median sales price
$224,900
$225,000
0.0%
Single-family months inventory*
3.0
3.6
20.9%
Single-family pending sales**
7,167
8,213
15.6%

Single-Family Homes Update

Single-family home sales totaled 7,343 in May, up 10.0 percent from May 2015.

The average price was statistically unchanged at $290,931 and the median price was also unchanged at $225,000. Days on Market (DOM), or the number of days it took the average home to sell, edged up to 52 days versus 49 last year.

Broken out by housing segment, May sales performed as follows:

  • $1 - $79,999: decreased 29.6 percent
  • $80,000 - $149,999: decreased 10.3 percent
  • $150,000 - $249,999: increased 20.0 percent
  • $250,000 - $499,999: increased 15.4 percent
  • $500,000 and above: decreased 6.5 percent

HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 6,190 in May, up 9.1 percent versus the same month last year. The average sales price edged up 1.6 percent year-over-year to $277,957 while the median sales price rose 2.4 percent to $211,000.

Townhouse/Condominium Update

Townhome and condominium sales were unchanged with 621 units selling in both May of 2016 and 2015. The average price declined 2.6 percent to $198,411 while the median price climbed 7.6 percent to $163,000. Inventory grew from a 2.6-months supply to 3.4 months.

Renters were out in force in May. Single-family home leases rose 4.1 percent, while townhome/condominium leases jumped 10.7 percent. The average rent for single-family homes held steady at $1,866 and the average rent for townhomes/condominiums also remained unchanged at $1,666.

Houston Real Estate Highlights in May

  • Single-family home sales rose 10 percent compared to last May;
  • On a year-to-date basis, single-family home sales are up 3.4 percent;
  • Total property sales jumped 7.1 percent to 8,703 units;
  • Total dollar volume rose 7.3 percent to $2.4 billion;
  • At $290,931, the single-family home average price was statistically unchanged from last year;
  • The single-family home median price was also flat at $225,000;
  • Single-family homes months of inventory climbed to a 3.6-months supply versus 3.0 months a year earlier;
  • Townhome/condominium sales were unchanged with the average price down 2.6 percent to $198,411 and the median price up 7.6 percent to $163,000;
  • Leases of single-family homes were up 4.1 percent with rents unchanged at $1,866;
  • Leases of townhomes/condominiums soared 10.7 percent with rents unchanged at $1,666.

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From HAR.com | May Happenings


HOUSTON — (May 11, 2016) — Even with the energy market showing some weakness, the Houston Real Estate Market is still hanging tough.   Overall single-family home sales volume was virtually flat in April, however mid-range homes scored another month of positive sales and the supply of homes available for sale grew some more. The average price was down slightly while the median price rose to an all-time April high.  The upper end, homes over $500,000 saw a big double digit decline with a nearly 16% drop.

Single-family home sales declined a fractional 0.6 percent versus April 2015, with a total of 6,310 sales compared to 6,349 a year earlier, according to the latest monthly report prepared by the Houston Association of Realtors (HAR). On a year-to-date basis, home sales are 1.6 percent ahead of last year’s pace. New listings helped inventory grow from a 2.9-months supply to 3.6 months.

"There is little to complain about in the April HAR sales report, especially when you take into account the fact that we are comparing current home sales to the Houston housing market’s record 2015 performance,” said HAR Chairman Mario Arriaga with First Group. “Indicators continue to point to more sustainable market conditions, as mid-range homes sell well and consumers find that they have more homes from which to choose than they did at this time last year."

Home prices delivered mixed readings in April. The single-family home average price declined 1.0 percent to $278,544. The median price-the figure at which half of the homes sold for more and half sold for less—rose 3.3 percent to $217,000, the highest price ever for an April.

April sales of all property types in Houston totaled 7,583, down 2.0 percent from the same month last year. Total dollar volume for properties sold in March declined 1.6 percent to $2.01 billion.

April Monthly Market  Comparison

Houston's housing market figures were mixed in April compared to those from a year earlier, but continue to support what are considered more sustainable market conditions. On a year-over-year basis, single-family homes sales, average price and total dollar volume were down slightly while inventory levels grew and the median sales price rose to an April record high.

Month-end pending sales for single-family homes totaled 8,213, an increase of 2.3 percent compared to last year. Total active listings, or the total number of available properties, at the end of April climbed 16.7 percent from April 2015 to 34,402.

April's increase in new listings gave single-family homes inventory a boost, with levels climbing from a 2.9-months supply to 3.6 months. For perspective, housing inventory across the U.S. currently stands at a 4.5-months supply, according to the latest report from the National Association of Realtors (NAR).

 

CATEGORIES
APRIL 2015
APRIL 2016
CHANGE
Total property sales
7,741
7,583
-2.0%
Total dollar volume
$2,049,590,794
$2,016,963,688
-1.6%
Total active listings
29,486
34,402
16.7%
Single-family home sales
6,349
6,310
-0.6%
Single-family average sales price
$281,352
$278,544
-1.0%
Single-family median sales price
$210,000
$217,000
3.3%
Single-family months inventory*
2.9
3.6
22.6%
Single-family pending sales**
8,027
8,213
2.3%

* Months inventory estimates the number of months it  will take to deplete current active inventory based on the prior 12 months  sales activity. This figure is representative of the single-family homes  market.
  ** Effective May 2015, in an effort to be consistent with industry standards,  the Houston MLS is now including all categories of pending sales in its reporting.  Previously, the Houston MLS did not include “option pending” and “pending  continue to show” listings in its reporting of pending sales. The new  methodology is now all-inclusive for listings that went under contract during  the month.

 

Single-Family Homes Update


Single-family home sales totaled 6,310 in April, down  just 0.6 percent from April 2015.

The average price declined 1.0 percent to $278,544, while  the median price rose 3.3 percent $217,000, a record high for an April in  Houston. Days on Market (DOM), or the number of days it took the average home  to sell, edged up to 55 days versus 51 in 2015.

Broken out by housing segment, April sales performed as  follows:

  $1 - $79,999:  decreased 12.8 percent

  $80,000 -  $149,999: decreased 19.3 percent

  $150,000 -  $249,999: increased 7.8 percent

  $250,000 -  $499,999: increased 2.1 percent

  $500,000 and  above: decreased 15.7 percent


HAR also breaks out the sales figures for existing  single-family homes. Existing home sales totaled 5,428 in April, up 1.0 percent  versus the same month last year. The average sales price fell 0.9 percent  year-over-year to $260,019 while the median sales price rose 4.1 percent to  $201,000.

Townhouse/Condominium Update

Sales of townhouses and condominiums tumbled 12.6 percent  in April coming off of last month’s year-over-year increase of 4.7 percent. A  total of 562 units sold compared to 643 properties in April 2015. The average  price rose 4.1 percent to $206,832 while the median price climbed 7.3 percent  to $153,450. Inventory grew from a 2.6-months supply to 3.4 months.

Lease Property Update

Demand for lease properties was very strong in April.  Rentals of single-family homes jumped 18.1 percent, while  townhomes/condominiums saw demand soar 26.0 percent. The average rent for  single-family homes rose 2.6 percent to $1,811 while the average rent for  townhomes/condominiums declined 1.4 percent to $1,574.

Houston Real Estate Highlights in April

  • Single-family home sales declined a fractional 0.6 percent compared to last April;
  • On a year-to-date basis, single-family home sales are up 1.6 percent;
  • Total property sales declined 2.0 percent to 7,583 units;
  • Total dollar volume fell 1.6 percent to $2.01 billion;
  • At $278,544, the single-family home average price was down 1.0 percent compared to last April;
  • The single-family home median price rose 3.3 percent year-over-year to an all-time April high of $217,000;
  • Single-family homes months of inventory climbed to a 3.6-months supply versus 2.9 months       a year earlier;
  • Townhome/condominium sales fell 12.6 percent with the average price up 4.1 percent to $206,832  and the median price up 7.3 percent to $153,450;
  • Leases of single-family homes leapt 18.1 percent with rents up 2.6 percent to $1,811;
  • Leases of townhomes/condominiums soared 26.0 percent with rents down 1.7 percent to $1,574.

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