FEBRUARY MARKS A GENERALLY POSITIVE MONTH FOR HOUSTON HOME SALES

March 22, 2018 by · Leave a Comment
Filed under: Real Estate 
MLS Report for February 2018

Luxury market sees improvement, but inventory overall shrinks

HOUSTON — (March 14, 2018) Houston home sales enjoyed their second positive month of the new year, and after three months of declines, stability returned to the luxury market. However, the overall supply of homes across greater Houston shrank slightly in February, narrowing options for house hunters heading into the traditionally active spring home-buying season.

According to the latest monthly report from the Houston Association of Realtors (HAR), sales of single-family homes rose 5.3 percent in February, with 5,260 units sold. Homes priced between $500,000 and $750,000 experienced the strongest sales activity.

The single-family home median price (the figure at which half of the homes sold for more and half sold for less) increased 1.4 percent to $226,200 – the highest median ever for a February. The average price eked out a fractional 0.4 percent gain to reach a February high of $281,945.

“February was a positive month overall for Houston real estate, but we really need growth in inventory to ensure that there is a plentiful supply of homes as we enter the spring buying season,” said HAR Chair Kenya Burrell-VanWormer with JP Morgan Chase.

February sales of all property types in Houston totaled 6,375, an increase of 3.1 percent versus the same month last year. Total dollar volume grew 4.5 percent to $1.7 billion.

 

Lease Property Update

Rental properties drew less interest in February than a year earlier. Single-family home leases and townhome/condominium leases each fell 11.5 percent. The average rent for single-family homes was up 4.1 percent to $1,720 while the average rent for townhomes and condominiums rose 2.2 percent to $1,515.

 

February Monthly Market Comparison

Most of Houston’s monthly housing market indicators reflected positivity in February, with single-family home sales, total property sales, average and median pricing and total dollar volume all up compared to February 2017. Month-end pending sales for single-family homes totaled 6,912, up 11.1 percent versus last year. Total active listings, or the total number of available properties, however, declined 2.2 percent to 33,939.

Single-family homes inventory shrank to a 3.2-months supply from 3.4 months a year earlier. For perspective, housing inventory across the U.S. currently stands at a 3.4-months supply, according to the latest report from the National Association of Realtors (NAR).

CATEGORIES FEBRUARY 2017 FEBRUARY 2018 CHANGE
Total property sales 6,181 6,375 3.1%
Total dollar volume $1,639,814,909 $1,713,566,903 4.5%
Total active listings 34,707 33,939 -2.2%
Single-family home sales 4,997 5,260 5.3%
Single-family average sales price $280,813 $281,945 0.4%
Single-family median sales price $223,000 $226,200 1.4%
Single-family months inventory* 3.4 3.2 -0.2 months
Single-family pending sales 6,220 6,912 11.1%

* 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 rose in February, with 5,260 units sold throughout greater Houston. That is up 5.3 percent from a year earlier when sales volume totaled 4,997. After three consecutive months of declining sales volume, the luxury market – defined as homes priced from $750,000 and up – was flat in February.

The median price reached the highest level ever for a February in Houston, increasing 1.4 percent to $226,200. The average price rose a fractional 0.4 percent, which was sufficient to achieve a February record of $281,945.

Days on Market (DOM), or the number of days it took the average home to sell, decreased slightly from 67 to 65 days. Inventory fell from a 3.4-months supply to a 3.2-months supply year-over-year, its lowest level since December 2017.

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

 

  • $1 – $99,999: decreased 2.8 percent
  • $100,000 – $149,999: decreased 11.8 percent
  • $150,000 – $249,999: increased 10.9 percent
  • $250,000 – $499,999: increased 10.2 percent
  • $500,000 – $749,999: increased 18.8 percent
  • $750,000 and above: unchanged

 

Single Family Average Home Price

 

HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 4,356 in February, up 8.0 percent versus the same month last year. The average sales price increased 1.7 percent to $267,806 while the median sales price rose 5.7 percent to $214,000.

Townhouse/Condominium Update

Sales of townhomes and condominiums tumbled 5.1 percent in February, with a total of 466 units sold. The average price rose 2.0 percent to $210,887 while the median price increased 4.6 percent to $170,000. Inventory declined slightly year-over-year from a 3.7-months supply to 3.6 months.

Townhouse/Condominium Sales

 

Houston Real Estate Highlights in February
  • Single-family home sales rose 5.3 percent year-over-year, with 5,260 units sold;
  • Days on Market (DOM) for single-family homes decreased slightly from 67 days in February 2017 to 65 days this February;
  • Total property sales increased 3.1 percent with 6,375 units sold;
  • Total dollar volume climbed 4.5 percent to $1.7 billion;
  • The single-family home median price rose 1.4 percent to $226,200, which represents a February high;
  • The single-family home average price edged up 0.4 percent to a February high of $281,945;
  • Single-family homes months of inventory shrank year-over-year from a 3.4-months supply to 3.2 months;
  • Townhome/condominium sales fell 5.1 percent, with the average price up 2.0 percent to $210,887 and the median price up 4.6 percent to $170,000;
  • Leases of single-family homes fell 11.5 percent with the average rent up 4.1 percent to $1,720;
  • Volume of townhome/condominium leases dropped 11.5 percent with average rent up 2.2 percent to $1,515.
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 37,000 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 https://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 37,000-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.

10 Common Title Problems Why You Need Title Insurance

February 26, 2018 by · Leave a Comment
Filed under: Real Estate 

By HomeCareBuzz

Have you ever wondered why you need title insurance? Your home may be new to you, but every property has a history. A thorough title search can help uncover any title defects tied to your property. And, subject to the terms of the policy, your title insurance provides protection for you from title problems that may become known after you close your transaction.

Some of these common title issues are:

  1. Errors in public records – To err is human, but when it affects your homeownership rights, those mistakes can be devastating. Clerical or filing errors could affect the deed or survey of your property and cause undo financial strain in order to resolve them.
  2. Unknown liens – Prior owners of your property may not have been meticulous bookkeepers — or bill payers. And even though the former debt is not your own, banks or other financing companies can place liens on your property for unpaid debts even after you have closed on the sale. This is an especially worrisome issue with distressed properties.
  3. Illegal deeds – While the chain of title on your property may appear perfectly sound, it’s possible that a prior deed was made by an undocumented immigrant, a minor, a person of unsound mind, or one who is reported single but in actuality married. These instances may affect the enforceability of prior deeds, affecting prior (and possibly present) ownership.
  4. Missing heirs – When a person dies, the ownership of his home may fall to his heirs, or those namedwithin his will. However, those heirs are sometimes missing or unknown at the time of death. Other times, family members may contest the will for their own property rights. These scenarios — which can happen long after you have purchased the property — could affect your rights to the property.
  5. Forgeries – Unfortunately, we don’t live in a completely honest world. Sometimes forged or fabricated documents that affect property ownership are filed within public records, obscuring the rightful ownership of the property. Once these forgeries come to light, your rights to your home may be in jeopardy.
  6. Undiscovered encumbrances – When it comes to owning a home, three can be a crowd. At the time of purchase, you may not know that a third party holds a claim to all or part of your property — due to a former mortgage or lien, or non-financial claims, like restrictions or covenants limiting the use of your property.
  7. Unknown easements – You may own your new home and its surrounding land, but an unknown easement may prohibit you from using it as you’d like, or could allow government agencies, businesses, or other parties to access all or portions of your property. While usually non-financial issues, easements can still affect your right to enjoy your property.
  8. Boundary/survey disputes – You may have seen several surveys of your property prior to purchasing, however, other surveys may exist that show differing boundaries. Therefore, a neighbor or other party may be able to claim ownership to a portion of your property.
  9. Undiscovered will – When a property owner dies with no apparent will or heir, the state may sell his or her assets, including the home. When you purchase such a home, you assume your rights as owner. However, even years later, the deceased owner’s will may come to light and your rights to the property may be seriously jeopardized.
  10. False impersonation of previous owner – Common and similar names can make it possible to falsely “impersonate” a property owner. If you purchase a home that was once sold by a false owner, you can risk losing your legal claim to the property.

Play it Safe

These and other issues are often covered by an owner’s policy of title insurance. When you buy a home, make sure you’re protecting that investment with title insurance.

By HomeCareBuzz on June 5, 2017 / Home Buying, Home Selling, Home Services, Title

HURRICANE HARVEY CAN’T STOP HOUSTON’S HOUSING MARKET FROM REACHING RECORD TERRITORY IN 2017

January 17, 2018 by · Leave a Comment
Filed under: Uncategorized 

Houston real estate resists Mother Nature to complete its strongest year ever

HOUSTON — (January 10, 2018) Despite the devastating assault that Hurricane Harvey waged on the greater Houston area last summer – from which many property owners are still recovering – the Houston real estate market set new records by the time the sun set on 2017. Single-family home sales for the full year rose 3.5 percent compared to 2016, the previous record year. However, as 2018 gets underway, the supply of housing remains constrained. Inventory had begun to reach more balanced levels when Harvey’s widespread flooding sent affected residents scrambling for whatever undamaged rental and sales homes were available to provide safe shelter for themselves and their families.

According to the latest report produced by the Houston Association of Realtors (HAR), sales of all property types in 2017 totaled 94,726 units, a 3.5-percent increase over 2016’s volume, which was 91,530. Total dollar volume for single-family homes sold in 2017 rose 6.5 percent to $23 billion.

“No one could ever have imagined 2017 turning out to be a record-setting year for the Houston real estate market, which had weathered the effects of the energy slump only to have Harvey strike such a devastating blow,” said HAR Chair Kenya Burrell-VanWormer with JP Morgan Chase. “We know that many are still working tirelessly to rebuild their lives after Harvey, but overall, this clearly illustrates the incredible resilience of the people and the economy of Houston, Texas. We also know that some neighborhoods are performing better than others, so it’s always advisable to consult a Realtor when thinking about buying or selling a home.”

December single-family home sales rose 4.1 percent to 6,875 versus December 2016. The strongest sales performance took place among homes priced between $250,000 and $500,000. Total property sales for the month climbed 3.5 percent to 8,125.

The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 1.7 percent to $230,000. That marks the highest median price ever for a December. The average price declined 0.6 percent to $292,174.

 

2017 Annual Market Comparison

As 2017 began, the high end of the Houston real estate market was showing welcomed signs of recovery from the effects of the weakened energy sector, and inventory levels in all housing categories finally began to rise. Strong employment numbers translated to an influx of home buyers and renters to the Houston area from across the country and around the world. However, Harvey’s late August rampage interrupted hiring and forced those whose homes and apartments were damaged or destroyed to seek immediate housing anywhere they could, causing inventory to shrink.

Fortunately, the setbacks resulting from this historic weather catastrophe were much shorter-lived than anticipated. By the end of September – just four weeks after Harvey hit – the “Houston Strong” housing market saw home sales rebound and the greatest rental activity of all time. The positive momentum continued through the final months of 2017.

By the end of December, a record 79,117 single-family homes had sold. That represents an increase of 3.5 percent from the previous record of 76,450 in 2016.

On a year-to-date basis, the average price rose 2.9 percent to $291,340 while the median price increased 3.8 percent to $229,900. Total dollar volume for full-year 2017 jumped 6.5 percent to $23 billion.

The strongest one-month sales volume of 2017 was recorded in June with 8,362 single-family homes sold. By contrast, the lightest one-month sales volume took place in January with 4,104 sales.

Months of inventory began the year at a 3.3-months supply, and while it grew to a 4.3-months supply just before Harvey struck the region, it ended 2017 at a 3.2-months supply. Months of inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity.

CATEGORIES FULL-YEAR 2016 FULL-YEAR 2017 CHANGE
Single-family home sales 76,450 79,117 3.5%
Total property sales 91,530 94,726 3.5%
Total dollar volume $21,645,218,533 $23,049,934,248 6.5%
Single-family average sales price $283,133 $291,340 2.9%
Single-family median sales price $221,500 $229,900 3.8%

* 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.

 

December Monthly Market Comparison

The Houston housing market registered largely positive measurements in December, with single-family home sales, total property sales, total dollar volume and median pricing all up compared to December 2016.

Month-end pending sales for single-family homes totaled 5,413, an increase of 24.0 percent versus 2016. Total active listings, or the total number of available properties, declined 2.2 percent from December 2016 to 33,432.

Single-family homes inventory shrank from a 3.4-months supply to 3.2 months. For perspective, housing inventory across the U.S. currently stands at a 3.4-months supply, according to the latest report from the National Association of Realtors (NAR).

CATEGORIES DECEMBER 2016 DECEMBER 2017 CHANGE
Total property sales 7,850 8,125 3.5%
Total dollar volume $2,209,007,615 $2,271,587,746 2.8%
Total active listings 34,199 33,432 -2.2%
Single-family home sales 6,606 6,875 4.1%
Single-family average sales price $294,035 $292,174 -0.6%
Single-family median sales price $226,050 $230,000 1.7%
Single-family months inventory* 3.4 3.2 -0.2 mos.
Single-family pending sales** 4,367 5,413 24.0%

* 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 6,875, up 4.1 percent from December 2016. The median price rose 1.7 percent to a December high of $230,000. The average price declined a fractional 0.6 percent to $292,174. Days on Market (DOM), or the number of days it took the average home to sell, was unchanged at 62.

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

 

  • $1 – $99,999: increased 5.7 percent
  • $100,000 – $149,999: decreased 7.3 percent
  • $150,000 – $249,999: increased 4.5 percent
  • $250,000 – $499,999: increased 9.1 percent
  • $500,000 – $749,999: unchanged
  • $750,000 and above: decreased 11.2 percent

 

Single Family Average Home Price

 

HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 5,460 in December, up 3.7 percent versus the same month last year. The average sales price rose 2.6 percent to $276,738 while the median sales price increased 1.2 percent to $211,000.

Townhouse/Condominium Update

Townhome and condominium sales increased 3.2 percent in December, with 552 units selling versus 535 a year earlier. The average price fell 5.5 percent to $199,197 and the median price dropped 9.3 percent to $158,250. Inventory went from a 3.4-months supply to 3.3 months.

Townhouse/Condominium Sales

 

Lease Property Update

Houston’s lease market had a mixed performance in December. Single-family home leases fell 3.6 percent and townhome/condominium leases rose 7.3 percent. The average rent for single-family homes increased 3.3 percent to $1,745, while the average rent for townhomes/condominiums rose 2.4 percent to $1,532.

Houston Real Estate Highlights for December and Full-Year 2017
  • Despite the devastation caused by Hurricane Harvey, 2017 proved to be a record year for Houston home sales with 79,117 single-family homes sold versus 76,450 in 2016, the last record-setting year. That represents an increase of 3.5 percent;
  • Total dollar volume for single-family homes in 2017 rose 6.5 percent to $23 billion;
  • December single-family home sales climbed 4.1 percent year-over-year with 6,875 units sold;
  • Total December property sales increased 3.5 percent to 8,125 units;
  • Total dollar volume for December increased 2.8 percent to $2.3 billion;
  • At $230,000, the single-family home median price rose 1.7 percent to a December high;
  • The single-family home average price declined 0.6 percent to $292,174;
  • Single-family homes months of inventory declined slightly to a 3.2-months supply;
  • Townhome/condominium sales rose 3.2 percent, with the average price down 5.5 percent to $199,197 and the median price down 9.3 percent to $158,250;
  • Leases of single-family homes fell 3.6 percent with average rent up 3.3 percent to $1,745;
  • Leases of townhomes/condominiums climbed 7.3 percent with average rent up 2.4 percent to $1,532.
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 37,000 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 37,000-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.

11 Reasons Why Your Home Isn’t Selling

December 18, 2017 by · Leave a Comment
Filed under: Real Estate 

By Charles Muotoh

When you first put your house on the market, you might be hopeful for a quick sale, especially if you’ve put a lot of money into improving the house over the years and if the neighborhood is one that has historically attracted a lot of buyers. While you shouldn’t panic if the house doesn’t sell the moment you list it, you should begin to worry if the months start flying by without any real offers. If this is the case, here are 11 reasons why your house may not be selling.

  1. You overvalued your property. If your house is overpriced, it’s simply not going to sell. Compare your property to similar properties that recently sold within your area to get a better idea of its true value. An experienced real estate agent can give you an accurate value of your home. Additionally, don’t make the mistake of tacking on the cost of any renovations you made. You can’t just assume that the cost of a renovation translates to added value.
  2. Your listing is poor. If the listing of your home includes a poorly written description without any images, a lot of buyers are going to skip over it. Make sure you and your REALTOR® put an effort into creating a listing that attracts the attention of buyers. Make sure to add high quality photographs of both the interior and exterior of your home. Don’t forget to highlight unique features as well.
  3. You’re always present at showings. Let your agent handle your showings. Buyers don’t want to have the seller lurking over their shoulder during showings, especially during an open house. This puts unwanted pressure on the buyer, which will make them uncomfortable and likely chase them away.
  4. You’re too attached. If you refuse to negotiate even a penny off your price, then there’s a good chance that you’ve become too attached to your home. If a part of you doesn’t want to sell it, or you think your house is the best house in the world, odds are you’re going to have a lot of difficulties coming to an agreement with a potential buyer.
  5. You haven’t had your home professionally cleaned. A dirty house is going to leave a bad impression on buyers. Make sure you have a professional clean your carpeting and windows before you begin showing your house.
  6. You haven’t staged your home. If you’ve already moved out, then don’t show an empty house. This makes it difficult for buyers to imagine living in it. Stage your house with furniture and decor to give buyers a better idea of how big every room is and how it can be used. You want the buyer to feel at home when they are taking the tour.
  7. You kept up all of your personal décor. Buyers are going to feel uncomfortable touring your house if you keep all of your family portraits up. Take down your personal décor so that buyers can have an easier time imagining themselves living there.
  8. Your home improvements are too personalized. You might think that the comic book mural you painted for your child’s room is absolutely incredible, but that doesn’t mean potential buyers will agree. If your home improvements are too personalized, it can scare off buyers who don’t want to pay for features they don’t want.
  9. Your home is too cluttered. Even if your home is clean, clutter can still be an issue. For example, maybe you simply have too much furniture in one of your rooms. This can make the house feel smaller than it is.
  10. Your home is in need of too many repairs. The more repairs that are needed, the less likely a buyer will want your house. Many buyers simply don’t want to deal with the cost or effort of doing repair work, even if it’s just a bunch of small repairs, such as tightening a handrail or replacing a broken tile.
  11. You chose the wrong real agent. In my opinion, choosing the right real estate agent is simply the most important decision you make in selling your home. A good REALTOR® makes all the difference in selling your home within a reasonable time.

All these things can be fixed once you realize your mistake; however, the longer your property stays on the market, the less likely it will sell at listing price. One of the best ways to avoid making these common mistakes is by working with a professional real estate agent.

Charles Muotoh is the owner of dcrealestateguru.com, a full service real estate firm focused on leveraging digital marketing strategies to serve buyers and sellers of real estate in the Washington D.C. area.

Fall Season Checklist

November 16, 2017 by · Leave a Comment
Filed under: Uncategorized 

Step on crunchy leaves

  • Clean downspouts and gutters
  • Dust ceiling fans and ceiling light fixtures
  • Wash the windows

Eat something pumpkin flavored

  • Turn off exterior faucets
  • Remove leaves around your outside HVAC unit

Bring out your warm clothes

  • Store outdoor furniture and cushions
  • Inspect chimney and roof for cracks and damage
  • Cut back perennial plants and mulch around base

Make a batch of leaf-shaped cookies

  • Remove hoses from spigots and drain water
  • Test snow blower and service if necessary
  • Stow the lawn mower

Bake a dessert using apples

  • Schedule a furnace tune-up
  • Test smoke and carbon mon oxide detectors
  • Check windows and doors for weather-tightness

Spot a ghost for Halloween

  • Clean out dryer vent
  • Drain sediment from hot water heater
  • Rotate/flip mattresses

Fill the house with fall-scented candles

  • Wash bedskirts/covers/pads
  • Wash curtains/blinds
  • Begin to organize tax-related documents

Go for a walk in the fall colors

  • Clean oven
  • Wash shower curtains/liners

Carve a pumpkin

  • Dust and scrub porch
  • Clean out refrigerator

Drink apple cider

  • Clean out entryway closet
  • Tidy up and organize pantry and cabinets

HOUSING MARKET PROVES IT IS ‘HOUSTON STRONG’ AFTER HARVEY

October 26, 2017 by · Leave a Comment
Filed under: Real Estate 
Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 36,000 REALTORS®
MLS Report for September 2017

A month after the devastating storm, September sees home sales rebound and rentals surge

HOUSTON — (October 11, 2017) Battered by Hurricane Harvey during the final week of August, the Houston real estate market demonstrated its ‘Houston Strong’ resiliency during the four weeks that followed with a rebound in home sales and the strongest rental activity of all time.

According to the latest monthly report produced by the Houston Association of Realtors (HAR), single-family home sales climbed 4.2 percent compared to last September, coming back from a nearly 24 percent plunge in August. All segments of the housing market enjoyed gains except for homes priced below $150,000, with the greatest sales volume reported among homes in the $500,000 to $750,000 range. On a year-to-date basis, home sales remain 2.3 percent ahead of the 2016 volume despite Harvey’s rampage.

As expected, property flooding and continued consumer demand for homes lowered inventory levels. While housing inventory grew from a 3.9-months supply to 4.1 months year-over-year, it was down compared to the 4.4-months supply immediately preceding Harvey’s arrival.

Lease Property Update

Driven primarily by consumers displaced from housing as a result of Hurricane Harvey’s widespread destruction, demand for lease properties across Houston soared to record levels in September. Single-family home leases rose a staggering 83.6 percent while townhome/condominium skyrocketed 92.2 percent. The average rent for single-family homes was up 7.9 percent to $1,886 while the average rent for townhomes/condominiums climbed 5.4 percent to $1,601.

Market Observations and Pricing

“I don’t think anyone expected to see home sales in positive territory this soon after a natural disaster of Harvey’s magnitude, but the September report speaks volumes about the incredible resiliency of the Houston real estate market,” said HAR Chair Cindy Hamann. “We are still mindful of the terrible property losses suffered across the region and continue to urge anyone who may have housing available for those in need (for up to 12 weeks of occupancy) to please post it on our Harvey Temporary Housing page at www.har.com/temporaryhousing“.

Pricing never skipped a beat during or after Harvey. The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 5.5 percent to $232,000. The average price increased 5.4 percent to $291,767. Both figures are record highs for a September.

September sales of all property types in Houston totaled 8,150, an increase of 3.4 percent versus the same month last year. Total dollar volume for properties sold jumped 10.2 percent to $2.3 billion.

September Monthly Market Comparison

With surprising but welcome improvement from the Harvey-influenced August report, Houston’s September housing market indicators provided positive readings across the board as single-family home sales, total property sales, median and average pricing, total dollar volume and inventory were all up compared to September 2016.

Month-end pending sales for single-family homes totaled 6,606, an increase of 13.1 percent over last year. Total active listings, or the total number of available properties in the marketplace, rose 7.4 percent from September 2016 to 40,848.

Single-family homes inventory edged up from a 3.9-months supply to 4.1 months year-over-year. However, that is down from the 4.4-months supply that prevailed before Harvey struck, as consumers scrambled for available housing. 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 SEPTEMBER 2016 SEPTEMBER 2017 CHANGE
Total property sales 7,885 8,150 3.4%
Total dollar volume $2,070,923,189 $2,281,343,090 10.2%
Total active listings 38,045 40,848 7.4%
Single-family home sales 6,636 6,913 4.2%
Single-family average sales price $276,700 $291,767 5.4%
Single-family median sales price $219,900 $232,000 5.5%
Single-family months inventory* 3.9 4.1 0.2 mos.
Single-family pending sales 5,839 6,606 13.1%

* 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 staged an impressive post-Hurricane Harvey rebound, rising 4.2 percent to a total of 6,913 units sold versus 6,636 in September 2016. That follows a devastating decline of 23.8 percent in August that interrupted 10 consecutive months of positive sales. All housing segments experienced gains except for homes priced below $150,000.

Home prices continued their upward march in September. The median price increased 5.5 percent to $232,000 while the average price rose 5.4 percent to $291,767. Both figures are record highs for a September in Houston.

Days on Market (DOM), or the number of days it took the average home to sell, edged up from 53 to 54 days. Inventory rose year-over-year from a 3.9-months supply to 4.1 months, but that is below the healthier 4.4-months supply that existed during the two months leading up to Harvey.

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

  • $1 – $99,999: decreased 20.7 percent
  • $100,000 – $149,999: decreased 23.2 percent
  • $150,000 – $249,999: increased 6.0 percent
  • $250,000 – $499,999: increased 14.8 percent
  • $500,000 – $749,999: increased 20.4 percent
  • $750,000 and above: increased 4.2 percent
Single Family Average Home Price

HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 5,783 in September, up 3.8 percent versus the same month last year. The average sales price increased 8.1 percent to $282,528 while the median sales price rose 6.8 percent to $219,000.

Townhouse/Condominium Update

The townhome and condominium market was slower to recover from the effects of Hurricane Harvey as sales fell 5.8 percent in September with a total of 533 units sold. This follows August’s nearly 30 percent sales decline. The average price rose 3.5 percent to $208,215 while the median price jumped 8.4 percent to $159,950. Inventory expanded from a 3.7-months supply to 4.1 months.

Townhouse/Condominium Sales
Houston Real Estate Highlights in September
  • Single-family home sales staged an impressive post-Hurricane Harvey rebound, rising 4.2 percent year-over-year with 6,913 units sold;
  • On a year-to-date basis, single-family home sales remain 2.3 percent ahead of the 2016 volume, despite Harvey’s effect on Houston housing;
  • Total property sales rose 3.4 percent with 8,150 units sold;
  • Total dollar volume jumped 10.2 percent to $2.3 billion;
  • At $232,000, the single-family home median price rose 5.5 percent, achieving a September high;
  • The single-family home average price increased 5.4 percent to $291,767, also a record high for a September;
  • Single-family homes months of inventory rose year-over-year from a 3.9-months supply to 4.1 months, but that is below the healthier 4.4-months supply that prevailed during the two months leading up to Harvey;
  • Townhome/condominium sales fell 5.8 percent, with the average price up 3.5 percent to $208,215 and the median price up 8.4 percent to $159,950;
  • Leases of single-family homes shot up an unprecedented 83.6 percent with average rent up 7.9 percent to $1,886;
  • Volume of townhome/condominium leases surged 92.2 percent with average rent up 5.4 percent to $1,601.
  • HAR continues to encourage anyone who has housing available for temporary occupancy (up to 12 weeks) to please post it on our Harvey Temporary Housing page as soon as possible at www.har.com/temporaryhousing to provide housing to those in need.
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.

HURRICANE HARVEY HAMMERS HOUSTON HOUSING

September 21, 2017 by · Leave a Comment
Filed under: Real Estate 

Historic storm slams the door on home sales during the last week of August

HOUSTON — (September 13, 2017) Hurricane-turned-Tropical Storm Harvey’s torrential rains and devastating floodwaters not only disrupted life and destroyed properties throughout the Houston area and Texas Gulf coast. It also dealt a heavy blow to a real estate market that, until now, was on track to set new records. However, the full effects of the historic storm may not be realized for weeks to come as the market rebuilds and recovers.

According to the latest monthly report prepared by the Houston Association of Realtors (HAR), single-family home sales plunged 25.4 percent, marking the first decline in almost a year. All segments of the housing market felt the strain. Nonetheless, on a year-to-date basis, home sales remain 1.8 percent ahead of the 2016 volume. Housing inventory grew from a 4.0-months supply to 4.4 months, but is expected to shrink as undamaged and repaired homes continue to be snapped up by those in need of housing.

“Hurricane Harvey dealt a severe blow to the Houston area and Texas Gulf coast and it will probably be several weeks until we can gauge the storm’s full impact on our housing market,” said HAR Chair Cindy Hamann. “Home sales were humming throughout the first three weeks of August, but the moment Harvey struck the region, everything came to a screeching halt.” Hamann added: “HAR continues to encourage anyone who has housing available for temporary occupancy (up to 12 weeks) to please post it on our Harvey Temporary Housing page as soon as possible at www.har.com/temporaryhousing to provide housing to those in need.”

Pricing seemed unaffected by Harvey. The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 3.0 percent to $231,700. The average price increased 2.6 percent to $296,418.

August sales of all property types in Houston totaled 7,077, a decline of 24.2 percent versus the same month last year. Total dollar volume for properties sold in August dropped 22.2 percent to $2.0 billion.

August Monthly Market Comparison

Houston’s monthly housing market indicators yielded mixed readings in August thanks to Harvey, with single-family home sales, total property sales and total dollar volume down sharply compared to August 2016, while median and average price and inventory all increased.

Month-end pending sales for single-family homes totaled 6,295, down 4.7 percent compared to last year. Total active listings, or the total number of available properties, increased 12.4 percent from August 2016 to 42,822.

Single-family homes inventory grew from a 4.0-months supply to 4.4 months, but is expected to decline as demand for undamaged and repaired homes outpaces supply. 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 AUGUST 2016 AUGUST 2017 CHANGE
Total property sales 9,335 7,077 -24.2%
Total dollar volume $2,562,458,783 $1,993,970,105 -22.2%
Total active listings 38,086 42,822 12.4%
Single-family home sales 7,927 5,917 -25.4%
Single-family average sales price $288,920 $296,418 2.6%
Single-family median sales price $225,000 $231,700 3.0%
Single-family months inventory* 4.0 4.4 0.4 mos.
Single-family pending sales 6,680 6,295 -4.7%

* 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, which had been on track for a record-setting year with 10 consecutive months of gains before Harvey struck, totaled 5,917. That is down 25.4 percent from August 2016 when sales volume was 7,927. All housing segments experienced declines.

Pricing appeared largely unaffected as a result of Harvey. The median price increased 3.0 percent to $231,700. The average price rose 2.6 percent to $296,418.

Days on Market (DOM), or the number of days it took the average home to sell, was unchanged at 50. Inventory rose from a 4.0-months supply to 4.4 months, but is expected to shrink as Harvey flooding victims snap up available housing inventory.

Broken out by housing segment, August delivered across-the-board sales declines as follows:

  • $1 – $99,999: decreased 40.0 percent
  • $100,000 – $149,999: decreased 40.0 percent
  • $150,000 – $249,999: decreased 21.7 percent
  • $250,000 – $499,999: decreased 20.6 percent
  • $500,000 – $749,999: decreased 31.9 percent
  • $750,000 and above: decreased 17.2 percent
Single Family Average Home Price

HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 5,129 in August, down 23.8 percent versus the same month last year. The average sales price increased 4.2 percent to $283,066 while the median sales price rose 4.8 percent to $220,000.

Townhouse/Condominium Update

Hurricane Harvey took a toll on the townhome and condominium market as well, as sales fell 31.4 percent in August with a total of 443 units sold. The average price declined 1.1 percent to $196,230 while the median price edged up 2.0 percent to $159,000. Inventory expanded from a 3.7-months supply to 4.6 months.

Townhouse/Condominium Sales
Lease Property Update

Consumer demand for lease properties across Houston remained strong in August. Single-family home leases jumped 9.4 percent while townhome/condominium leases shot up 17.0 percent. The average rent for single-family homes was unchanged at $1,857 while the average rent for townhomes/condominiums declined 2.2 percent to $1,551.

Houston Real Estate Highlights in August
  • Hurricane Harvey ended ten consecutive months of positive single-family home sales, as volume plunged 25.4 percent year-over-year with 5,917 units sold;
  • Despite Harvey’s rampage, single-family home sales remain 1.8 percent ahead of the 2016 volume on a year-to-date basis;
  • Total property sales dropped 24.2 percent with 7,077 units sold;
  • Total dollar volume fell 22.2 percent to $2.0 billion;
  • The single-family home median price rose 3.0 percent to $231,700;
  • The single-family home average price increased 2.6 percent to $296,418;
  • Single-family homes months of inventory grew to a 4.4-months supply, but is expected to shrink with strong consumer demand for housing in the wake of Harvey;
  • Townhome/condominium sales dropped 31.4 percent, with the average price down 1.1 percent to $196,230 and the median price up 2.0 percent to $159,000;
  • Leases of single-family homes rose 9.4 percent with average rent unchanged at $1,857;
  • Volume of townhome/condominium leases jumped 17.0 percent with average rent down 2.2 percent to $1,551;
  • HAR continues to encourage anyone who has housing available for temporary occupancy (up to 12 weeks) to please post it on our Harvey Temporary Housing page as soon as possible at www.har.com/temporaryhousing to provide housing to those in need.
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.

Get Ready for a Home Showing

August 24, 2017 by · Leave a Comment
Filed under: Uncategorized 

Remove clutter. Clear off counters and pack unnecessary decorative items. Put extra furniture in storage, and remove out-of-season items. Don’t forget to clean out the garage, too.

Let it shine. Cleaning windows and screens will help bring more light into your home. Replace burnt bulbs, and consider higher wattage in low-light areas. Clean the walls or brush on a fresh coat of bright, neutral paint. Replace heavy curtains with sheer ones and show off your view.

Keep it clean. A deep clean before listing your home will make upkeep easier. Consider hiring a cleaning service to help.

Maximize comfort. In summer, shut A/C vents on the first floor so more air will get upstairs. Reverse the process in winter.

Perform a sniff test. Clean carpeting and drapes to eliminate odors. Open the windows to air out the house. Consider potpourri or scented candles and diffusers. For quick fixes in the kitchen, cotton balls soaked in vanilla extract or orange juice can instantly make the fridge a nicer-smelling place. Boil lemon juice in your microwave, then add it to your dishwasher to eliminate odors. You can also run lemon rinds through the garbage disposal for a similar effect.

Take care of minor repairs. Sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.

Tidy up outdoors. Cut the grass, rake the leaves, add new mulch, trim the bushes, edge the walkways, and clean the gutters. A pot of bright flowers near the entryway adds great curb appeal.

Set the scene. A bright afghan or new accent pillows easily jazz up a dull room. Pretty dishes or a simple centerpiece on the tables can help buyers picture themselves living there. Try staging a chess game in progress. If you have a fireplace, lay fresh logs or a basket of flowers there.

Make the bath luxurious. Make sure your personal toiletry items are out of sight, along with old towels and toothbrushes. Add a new shower curtain and fancy guest soaps.

Send the pets to the neighbors. If that’s not possible, crate or confine them to one room, and let the real estate practitioner know where they’ll be to eliminate surprises.

Lock up valuables and medication. Agents can’t watch everyone all the time.

Head out. It can be awkward for everyone if you’re home at the time of a showing.

HOUSTON HOME PRICES AND SALES VOLUME SET RECORDS IN JUNE

July 27, 2017 by · Leave a Comment
Filed under: Real Estate 
Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 36,000 REALTORS®
MLS Report for June 2017

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.

HOUSTON HOME SALES AND RENTALS HEAT UP IN MA

June 21, 2017 by · Leave a Comment
Filed under: Uncategorized 
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.

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