HAR MLS Report for July 2017

HAR MLS Report for July 2017

MLS Report for June 2017
HOUSTON HOME PRICES AND SALES VOLUME SET RECORDS IN JUNE

Housing inventory reaches highest level in nearly five years

HOUSTON (July 12, 2017) Temperatures weren’t the only thing soaring in June, as home prices and sales volume reached new heights, keeping 2017 on track to be a record year for Houston real estate. The greatest sales gains took place among homes priced from $750,000 and above (categorized as the luxury market), followed by homes in the $150,000 to $249,999 range. June was the eighth straight month that the luxury segment enjoyed rising sales.

A total of 8,414 single-family homes sold in June compared to 7,771 a year earlier, according to the latest monthly report produced by the Houston Association of Realtors (HAR). That represents an 8.3 percent increase and marks the largest one-month sales volume in history. On a year-to-date basis, home sales remain ahead of 2016’s volume by 7.4 percent. New listings pushed inventory levels from a 3.9-months supply to 4.4 months, the highest in almost five years.

“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.”

The single-family home median price (the figure at which half of the homes sold for more and half sold for less) climbed 2.6 percent to $239,023. The average price edged up 1.5 percent to $304,155. Both figures are all-time highs.

June sales of all property types in Houston totaled 9,993, up 8.3 percent from the same month last year. Total dollar volume for properties sold in June rose 10.4 percent to $2.9 billion.

June Monthly Market Comparison

The Houston real estate market saw across-the-board gains during the month of June, with single-family home sales, total property sales, total dollar volume, inventory and pricing all up compared to June 2016.

Month-end pending sales for single-family homes totaled 8,363, up 18.9 percent compared to last year. Total active listings, or the total number of available properties, jumped 16.4 percent from June 2016 to 43,326.

Single-family homes inventory grew from a 3.9-months supply to 4.4 months. For perspective, housing inventory across the U.S. currently stands at a 4.2-months supply, according to the latest report from the National Association of Realtors (NAR).

CATEGORIES JUNE 2016 JUNE 2017 CHANGE
Total property sales 9,225 9.993 8.3%
Total dollar volume $2,615,214,802 $2,887,390,370 10.4%
Total active listings 37,230 43,326 16.4%
Single-family home sales 7,771 8,414 8.3%
Single-family average sales price $299,761 $304,155 1.5%
Single-family median sales price $233,000 $239,023 2.6%
Single-family months inventory* 3.9 4.4 0.5 mos.
Single-family pending sales 7,034 8,363 18.9%

* 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.

Single-Family Homes Update
Single Family

Single-family home sales totaled 8,414, the greatest one-month volume of all time. That is up 8.3 percent from June 2016, when sales volume was 7,771. The median price rose 2.6 percent to an all-time record high of $239,023. The average price increased 1.5 percent to $304,155, also an historic high.

Days on Market (DOM), or the number of days it took the average home to sell, fell slightly to 50 days versus 53 last year. Inventory rose from a 3.9-months supply to 4.4 months, matching a level last seen in October 2012.

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

  • $1 – $99,999: decreased 12.1 percent
  • $100,000 – $149,999: decreased 10.7 percent
  • $150,000 – $249,999: increased 12.2 percent
  • $250,000 – $499,999: increased 11.5 percent
  • $500,000 – $749,999: increased 6.9 percent
  • $750,000 and above: increased 13.0 percent
Single Family Average Home Price

HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 7,215 in June, up 9.1 percent versus the same month last year. The average sales price increased 3.4 percent to $294,251 while the median sales price rose 3.2 percent to $225,000.

Townhouse/Condominium Update

Townhome and condominium sales increased again in June, edging up 1.2 percent with a total of 678 units sold. The average price rose 7.6 percent to $215,713, while the median price climbed 3.6 percent to $171,000. Inventory grew from a 3.5-months supply to 4.3 months.

Townhouse/Condominium Sales
Lease Property Update

Houston’s lease market surged further in June, with consumer demand persisting among both single-family and townhome/condominium properties. Single-family home leases jumped 17.4 percent while townhome/condominium leases soared 21.3 percent. The average rent for single-family homes declined 4.0 percent to $1,806, while the average rent for townhomes/condominiums rose 2.5 percent to $1,698.

Houston Real Estate Highlights in June
  • Single-family home sales rose 8.3 percent year-over-year with 8,414 units sold – the largest one-month sales volume of all time;
  • Total property sales increased 8.3 percent with 9,993 units sold;
  • Total dollar volume jumped 10.4 percent to $2.9 billion;
  • The single-family home median price rose 2.6 percent to a record high of $239,023;
  • The single-family home average price increased 1.5 percent to $304,155, which was also a record high;
  • Single-family homes months of inventory grew to a 4.4-months supply, the highest level since October 2012;
  • Townhome/condominium sales edged up 1.2 percent, with the average price up 7.6 percent to $215,713 and the median price up 3.6 percent to $171,000;
  • Leases of single-family homes jumped 17.4 percent with average rent down 4.0 percent to $1,806;
  • Volume of townhome/condominium leases rocketed 21.3 percent with average rent up 2.5 percent to $1,698.
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 36,000 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 36,000-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.

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10 Top Selling Houston Master Planned Communities

KW This Month in Real Estate Newsletter July 2017

KW This Month in Real Estate Newsletter July 2017

According to the National Association of REALTORS®, existing home sales grew slightly in the month of May. Low inventory levels supported a healthy median sales price and drove the amount of time the average home spent on the market to a new low of just 27 days.

Click Here to continue reading the KW This Month in Real Estate Newsletter July 2017

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Keller Williams Real Estate News July 2017

Keller Williams Real Estate News July 2017

Pending Home Sales Sluggish as Low Supply Rears Its Head

Pending home sales were sluggish in April as low supply reared its head, down 1.3 percent in the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI). The PHSI posted 109.8 in April, down from 111.3 in March. The Index is based on contract signings. Continue reading the Keller Williams Real Estate News July 2017

Keller Williams Real Estate News July 2017

Keller Williams This Month in Real Estate

Keller Williams This Month in Real Estate

According to the National Association of REALTORS®, existing home sales dipped in the month of April. Inventory levels failed to keep pace with demand, especially in the starter home and mid-range categories. In addition, homes remained on the market for an average of just 29 days before selling, which is the fastest rate recorded since 2011.

Click here to see the entire This Month in Real Estate

Keller Williams Real Estate News June 2017

Keller Williams Real Estate News June 2017

Homeownership Rates in the United States remain steady

According to the US Census Bureau’s recent Quarterly Housing Vacancies and Homeownership report, rates of homeownership look to be holding steady. The homeownership rate clung to 63.6 percent in the first quarter of 2017, virtually unchanged from 63.7 percent the quarter prior and 63.5 percent the year prior.

To continue reading, please click on the link Keller Williams Real Estate News June 2017.

 

HAR June 2017 Real Estate Market Update

HAR June 2017 Real Estate Market Update

MLS Report for May 2017
HOUSTON HOME SALES AND RENTALS HEAT UP IN MAY

Market continues to outpace last year’s record performance

HOUSTON (June 13, 2017) Sales and rentals of homes throughout greater Houston continue to outpace 2016’s record performance, as May marked another month of strong consumer activity and growing inventory. The greatest sales gains took place among homes priced from $750,000 and above (categorized as the luxury market), followed by homes in the $150,000 to $249,999 range. May marked the seventh consecutive month of rising sales in the luxury segment.

A total of 8,156 single-family homes sold in May versus 7,315 a year earlier, according to the latest monthly report produced by the Houston Association of Realtors (HAR). That represents an 11.5 percent increase. On a year-to-date basis, home sales are ahead of 2016’s volume by 7.4 percent. New listings elevated inventory levels from a 3.6-months supply to 4.1 months, the highest in nearly five years.

“The Houston housing market had another strong showing in May with sales and rental properties alike, and inventory continues to accommodate the growing demand,” said HAR Chair Cindy Hamann with Heritage Texas Properties. “If we can maintain this pace, there’s no doubt that 2017 will be a record year for Houston real estate.”

The single-family home median price (the figure at which half of the homes sold for more and half sold for less) climbed 4.4 percent to $235,000. That marks the highest median price of all time. The average price rose 4.3 percent to $302,362, the second highest average ever.

May sales of all property types in Houston totaled 9,744, up 12.3 percent from the same month last year. Total dollar volume for properties sold in May shot up 17.4 percent to $2.8 billion.

May Monthly Market Comparison

The Houston real estate market benefited from gains in all measurements during the month of May, with single-family home sales, total property sales, total dollar volume, inventory and pricing all up compared to May 2016.

Month-end pending sales for single-family homes totaled 8,808, up 18.2 percent compared to last year. Total active listings, or the total number of available properties, jumped 16.4 percent from May 2016 to 41,257.

Single-family homes inventory grew from a 3.6-months supply to 4.1 months. For perspective, housing inventory across the U.S. currently stands at a 4.2-months supply, according to the latest report from the National Association of Realtors (NAR).

CATEGORIES MAY 2016 MAY 2017 CHANGE
Total property sales 8,676 9,744 12.3%
Total dollar volume $2,376,765,737 $2,790,499,524 17.4%
Total active listings 35,431 41,257 16.4%
Single-family home sales 7,315 8,156 11.5%
Single-family average sales price $289,843 $302,362 4.3%
Single-family median sales price $225,000 $235,000 4.4%
Single-family months inventory* 3.6 4.1 0.5 mos.
Single-family pending sales 7,454 8,808 18.2%

* 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.

Single-Family Homes Update
Single Family

Single-family home sales totaled 8,156, up 11.5 percent from May 2016, when it was 7,315. The median price rose 4.4 percent to an all-time record high of $235,000. The average price climbed 4.3 percent to $302,362, the second highest of all time. The highest average price was $302,629, reached in June 2015.

Days on Market (DOM), or the number of days it took the average home to sell, declined slightly to 51 days versus 53 last year. Inventory rose from a 3.6-months supply to 4.1 months, matching a level not seen since November 2012.

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

  • $1 – $99,999: unchanged
  • $100,000 – $149,999: decreased 5.3 percent
  • $150,000 – $249,999: increased 13.7 percent
  • $250,000 – $499,999: increased 12.9 percent
  • $500,000 – $749,999: increased 8.5 percent
  • $750,000 and above: increased 27.6 percent
Single Family Average Home Price

HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 6,891 in May, up 13.3 percent versus the same month last year. The average sales price increased 5.2 percent to $290,696 while the median sales price also rose 5.2 percent to $221,000.

Townhouse/Condominium Update

Townhome and condominium sales were up again in May, soaring 16.5 percent with a total of 728 units sold. The average price increased 3.1 percent to $206,363, while the median price edged up 0.9 percent to $163,500. Inventory grew from a 3.4-months supply to 4.2 months.

Townhouse/Condominium Sales
Lease Property Update

Houston’s lease market surged in May, with strong consumer demand among both single-family and townhome/condominium properties. Single-family home leases shot up 31.0 percent while townhome/condominium leases rocketed 46.2 percent. The average rent for single-family homes declined 4.2 percent to $1,779, while the average rent for townhomes/condominiums dropped 6.7 percent to $1,565.

Houston Real Estate Highlights in May
  • Single-family home sales rose 11.5 percent year-over-year with 8,156 units sold;
  • Total property sales increased 12.3 percent with 9,744 units sold;
  • Total dollar volume jumped 17.4 percent to $2.8 billion;
  • The single-family home median price rose 4.4 percent to a record high of $235,000;
  • The single-family home average price climbed 4.3 percent to $302,362, which was the second highest level of all time (highest was $302,629 in June 2015);
  • Single-family homes months of inventory grew to a 4.1-months supply, the highest level since November 2012;
  • Townhome/condominium sales surged 16.5 percent, with the average price up 3.1 percent to $206,363 and the median price up 0.9 percent to $163,500;
  • Leases of single-family homes soared 31.0 percent with average rent down 4.2 percent to $1,779;
  • Volume of townhome/condominium leases rocketed 46.2 percent with average rent down 6.7 percent to $1,565.
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 36,000 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 36,000-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.