HAR Real Estate Update August 2016

MLS Report for July 2016
HOUSTON-AREA HOME SALES COOL IN JULY

Single-family home sales decline for the first time since January while inventory remains over 2015 levels

HOUSTON (August 10, 2016) The greater Houston real estate market experienced its first sales decline in six months in July, with the sharpest drop in volume reported among homes on the highest and lowest ends of the pricing spectrum.

According to the latest monthly report prepared by the Houston Association of Realtors (HAR), a total of 7,204 homes sold in July compared to 7,898 a year earlier. That represents a drop of 8.8 percent, the first decline since January. However, on a year-to-date basis, home sales are still up about one percent compared to this point in 2015.

Inventory levels continue to outpace last year, rising from a 3.5-months supply to 4.0 months. That is the largest supply of homes since November 2012 when it stood at 4.1 months.

“We never like to see a decline in home sales, but it’s helpful to remember that our comparisons each month are to a record year in 2015,” said HAR Chairman Mario Arriaga with First Group. “July was the first time in several months when even mid-range housing saw declines. It’s hard to identify a single cause for the drop in sales, whether it’s a possible trickle-down effect of falling oil prices or prospective buyers holding out, but Houston’s housing market is still healthy overall, and HAR will continue to monitor conditions as we transition into the fall months.”

The single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 4.1 percent to $230,000. That is the highest median price ever for a July and the second highest of all time. The highest median ever was $233,000, reached in June of this year. The average price declined a fractional 0.5 percent in July to $292,316.

July sales of all property types in Houston totaled 8,571, down 8.6 percent from the same month last year. Total dollar volume for properties sold in July fell 9.0 percent to $2.4 billion.

July Monthly Market Comparison

Houston’s monthly housing indicators were mixed in July compared to a year earlier. On a year-over-year basis, single-family homes sales and total property sales were down along with total dollar volume, the median price reached a record high for a July while the average price dropped slightly and inventory grew to the largest level in four years.

Month-end pending sales for single-family homes totaled 7,979, an increase of 11.4 percent compared to last year. Total active listings, or the total number of available properties, at the end of July climbed 12.7 percent from July 2015 to 37,952.

Single-family homes inventory jumped from a 3.5-months supply to 4.0 months, the highest level since November 2012 when it stood at 4.1 months. For perspective, housing inventory across the U.S. currently stands at a 4.6-months supply, according to the latest report from the National Association of Realtors (NAR).

CATEGORIESJULY 2015JULY 2016CHANGE
Total property sales9,3748,571-8.6%
Total dollar volume$2,605,598,049$2,370,776,221-9.0%
Total active listings33,67037,95212.7%
Single-family home sales7,8987,204-8.8%
Single-family average sales price$293,772$292,316-0.5%
Single-family median sales price$221,000$230,0004.1%
Single-family months inventory*3.54.017.2%
Single-family pending sales**7,1657,97911.4%

* 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

Single-family home sales totaled 7,204 in July, down 8.8 percent from July 2015 and the first decline since January 2016.

The median price rose 4.1 percent to a July high and second all-time high of $230,000. The average price declined 0.5 percent to $292,316. Days on Market (DOM), or the number of days it took the average home to sell, edged up to 50 days versus 45 last year.

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

  • $1 – $79,999: decreased 43.3 percent
  • $80,000 – $149,999: decreased 32.8 percent
  • $150,000 – $249,999: decreased 3.1 percent
  • $250,000 – $499,999: decreased 1.4 percent
  • $500,000 and above: decreased 21.7 percent
Single Family Average Home Price

HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 6,143 in July, down 10.3 percent versus the same month last year. The average sales price was flat at $274,861 while the median sales price rose 6.1 percent to $217,500.

Townhouse/Condominium Update

Townhome and condominium sales fell 7.4 percent with 649 units selling in July versus 701 a year earlier. The average price declined 2.5 percent to $197,104 while the median price climbed 4.5 percent to $159,900. Inventory grew from a 3.0-months supply to 3.5 months.

Townhouse/Condominium Sales
Lease Property Update

The lease market was strong again in July. Single-family home leases rose 2.3 percent, while townhome/condominium leases jumped 10.6 percent. The average rent for single-family homes ticked up to $1,879 and the average rent for townhomes/condominiums held steady at $1,630.

Houston Real Estate Highlights in July
  • Single-family home sales fell 8.8 percent with a total of 7,204 units sold;
  • On a year-to-date basis, single-family home sales are up about one percent;
  • Total property sales fell 8.6 percent to 8,571 units;
  • Total dollar volume declined 9.0 percent to $2.4 billion;
  • At $230,000, the single-family home median price rose 4.1 percent to a July high and second all-time high;
  • The single-family home average price declined 0.5 percent to $292,316;
  • Single-family homes months of inventory climbed to a 4.0-months supply, its highest level since November 2012;
  • Townhome/condominium sales fell 7.4 percent with the average price down 2.5 percent to $197,104 and the median price up 4.5 percent to $159,900;
  • Leases of single-family homes were up 2.3 percent with rents up slightly to $1,879;
  • Leases of townhomes/condominiums soared 10.6 percent with rents flat at $1,630.
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 32,000 REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.

The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.

The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)

Founded in 1918, the Houston Association of REALTORS® (HAR) is a 32,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.

HAR Real Estate Report July 2016

HAR Real Estate Report July 2016

MLS Report for June 2016
HOUSTON’S MEDIAN HOME PRICE HITS A RECORD HIGH IN JUNE

Mid-range housing sees positive activity again while inventory gets another boost

HOUSTON (July 13, 2016) June provided a continued boost to Houston’s housing inventory as new listings entered the market. Home sales volume was unchanged year-over-year, but as the local real estate market has seen for the past several months, most of the homes consumers purchased were priced in the $150,000 to $500,000 range.

According to the latest monthly report prepared by the Houston Association of Realtors (HAR), a total of 7,696 homes sold in June compared to 7,710 a year earlier— statistically unchanged. However, on a year-to-date basis, home sales rose 2.7 percent versus June of 2015. Inventory levels enjoyed another bump, rising from a 3.2-months supply to 3.7 months.

“We continued to see solid buying activity among middle-range housing in June,” said HAR Chairman Mario Arriaga with First Group. “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.”

The single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 2.5 percent to a record high of $230,538 in June. The average price declined a fractional 0.8 percent in June to $300,178, the second highest level of all time (the highest was $302,599 in June 2015).

June sales of all property types in Houston totaled 9,139, down 0.9 percent from the same month last year. Total dollar volume for properties sold in June declined 1.7 percent to $2.6 billion.

June Monthly Market Comparison

Houston’s monthly housing indicators were mixed in June compared to those from a year earlier, but nevertheless continue to reflect market sustainability. On a year-over-year basis, single-family homes sales were flat, the median price reached a record high while the average price hit the second highest level of all time, total dollar volume declined and inventory grew.

Month-end pending sales for single-family homes totaled 7,801, an increase of 8.6 percent compared to last year. Total active listings, or the total number of available properties, at the end of June climbed 13.8 percent from June 2015 to 35,857.

An increase in new listings in June elevated single-family homes inventory, with levels rising from a 3.2-months supply to 3.7 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).

CATEGORIESJUNE 2015JUNE 2016CHANGE
Total property sales9,2249,139-0.9%
Total dollar volume$2,636,457,773$2,591,071,978-1.7%
Total active listings31,50935,85713.8%
Single-family home sales7,7107,696-0.2%
Single-family average sales price$302,599$300,178-0.8%
Single-family median sales price$225,000$230,5382.5%
Single-family months inventory*3.23.717.2%
Single-family pending sales**7,1817,8018.6%

* 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

Single-family home sales totaled 7,696 in June, down a fractional 0.2 percent from June 2015.

The median price rose 2.5 percent to an all-time record high of $230,538. The average price declined 0.8 percent to $300,178, second only to last June’s record of $302,599. Days on Market (DOM), or the number of days it took the average home to sell, edged up to 51 days versus 45 last year.

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

  • $1 – $79,999: decreased 20.0 percent
  • $80,000 – $149,999: decreased 19.1 percent
  • $150,000 – $249,999: increased 3.5 percent
  • $250,000 – $499,999: increased 2.5 percent
  • $500,000 and above: decreased 8.7 percent
Single Family Average Home Price

HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 6,669 in June, up 0.6 percent versus the same month last year. The average sales price edged up 0.5 percent year-over-year to $286,773 while the median sales price rose 4.6 percent to $218,750.

Townhouse/Condominium Update

Townhome and condominium sales fell 5.8 percent with 665 units selling in June versus 706 a year earlier. The average price declined 2.4 percent to $197,937 while the median price climbed 2.1 percent to $164,450. Inventory grew from a 2.7-months supply to 3.3 months.

Townhouse/Condominium Sales
Lease Property Update

Renters were once again out in force in June. Single-family home leases rose 4.8 percent, while townhome/condominium leases jumped 12.9 percent. The average rent for single-family homes ticked up to $1,883 and the average rent for townhomes/condominiums dropped 5.6 percent to $1,658.

Houston Real Estate Highlights in June
  • Single-family home sales were basically unchanged with a total of 7,696 units sold;
  • On a year-to-date basis, single-family home sales are up 2.7 percent;
  • Total property sales fell 0.9 percent to 9,139 units;
  • Total dollar volume declined 1.7 percent to $2.6 billion;
  • At $230,538, the single-family home median price rose 2.5 percent to a record high;
  • The single-family home average price declined 0.8 percent to the second highest level of all time, $300,178 (the highest was $302,599 in June 2015);
  • Single-family homes months of inventory climbed to a 3.7-months supply versus 3.2 months a year earlier;
  • Townhome/condominium sales fell 5.8 percent with the average price down 2.4 percent to $197,937 and the median price up 2.1 percent to $164,450;
  • Leases of single-family homes were up 4.8 percent with rents up slightly to $1,883;
  • Leases of townhomes/condominiums soared 12.9 percent with rents down 5.6 percent to $1,658.
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 32,000 REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.

The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.

The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)

Founded in 1918, the Houston Association of REALTORS® (HAR) is a 32,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.

FHA New Student Rules Make Mortgages Tougher

FHA New Student Rules Make Mortgages Tougher

According to Marcie Geffner at Bankrate.com, new mortgage rules now take your student loan debt into consideration when applying for a home mortgage. This is just one of the many new mortgage laws that are making home mortgages even tougher.

In other words, it is even more important to work with a qualified home mortgage lender and a qualified Real Estate Agent. Both should be on your side, helping you through the potential “mine field” to the finish line; the purchasing of your new home!

Read the entire article at http://www.chron.com/news/article/Mortgage-FHA-s-new-student-rules-make-it-tougher-8322791.php

FHA New Student Rules Make Mortgages Tougher

Open House July 3 2016 in Spring TX

Open House July 3 2016 in Spring TX from 1 to 3 pm CST

This is a stunning home that is back on the market and completely ready for move in!

MLS# 86402042

http://www.har.com/22506-high-point-pines/sale_86402042

Asking $179,000

Stunning home with fabulous touches through out. Upgrades include porcelain wood wide plank tile on the first level, stainless steel appliances, refrigerator included, new berber carpet, paint, ceiling fans in most rooms, great deck area off the back door to the backyard. Spacious and open floor plan, secondary room on the first level can be used for a mother-in-law suite or study, Laundry room upstairs, with easy access to 99, I-45, minutes from The Woodlands. Make this your home today!

Open House July 3 2016 in Spring TX

Open House Sunday June 26 2016

Open House Sunday June 26 2016, 1 – 3 pm CST

MLS# 86402042

http://www.har.com/22506-high-point-pines/sale_86402042

Asking $179,000

Stunning home with fabulous touches through out. Upgrades include porcelain wood wide plank tile on the first level, stainless steel appliances, refrigerator included, new berber carpet, paint, ceiling fans in most rooms, great deck area off the back door to the backyard. Spacious and open floor plan, secondary room on the first level can be used for a mother-in-law suite or study, Laundry room upstairs, with easy access to 99, I-45, minutes from The Woodlands. Make this your home today!

HAR Real Estate Report for June 2016

HAR Real Estate Report for June 2016

MLS Report for May 2016
THE HOUSTON HOUSING MARKET HEATS UP IN MAY

Growing inventory helps meet increased buyer demand; pricing eases

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.

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).

CATEGORIESMAY 2015MAY 2016CHANGE
Total property sales8,1238,7037.1%
Total dollar volume$2,229,902,866$2,392,124,7857.3%
Total active listings30,16235,41617.4%
Single-family home sales6,6787,34310.0%
Single-family average sales price$292,258$290,931-0.5%
Single-family median sales price$224,900$225,0000.0%
Single-family months inventory*3.03.620.9%
Single-family pending sales**7,1678,21315.6%

* 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

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
Single Family Average Home Price

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.

Townhouse/Condominium Sales
Lease Property Update

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.

The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 32,000 REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.

The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.

The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)

Founded in 1918, the Houston Association of REALTORS® (HAR) is a 32,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.