Despite low inventory and record prices, buyers continue to scoop up properties.
In June, Houston real estate reached new highs, with buyers taking advantage of historically low loan rates to acquire homes from a limited supply. Despite the robust purchase activity, the rate of growth was slightly slower year over year.
With a 136.5 percent year-over-year rise in sales volume, properties valued at $750,000 and more once again dominated the market. The portion between $500,000 and $750,000 saw an 87.0 percent increase. The spike in high-end homebuying has once again pushed prices to new highs. The average price of a single-family home surged by 23.7 percent to $395,316, while the median price increased by 20.0 percent to $314,500.
June Monthly Market Comparison
In June, Houston real estate saw its thirteenth month of positive sales, with frenzy buying continuing to dominate the most priced segment of the market.
Single-Family Homes Update
This June, single-family house sales increased by 13.6 percent in the greater Houston area, with 10,638 units sold compared to 9,362 a year ago. Strong demand for homes in the top tier of the market pushed pricing even higher than last month’s all-time highs. The average price of a single-family home jumped by 23.7 percent to $395,316, while the median price increased by 20.0 percent to $314,500.
Houston Real Estate May Highlights
Home Sales Increased
Single-family home sales grew for the thirteenth month in a row, with 10,638 units sold, up 13.6 percent year over year.
With 13,090 units sold, total property sales increased 16.9% to the greatest level in history.
Days on Market dropped
57 to 29
Dollar Volume Surged
Single-family home rentals fell
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