Real estate sales in the Houston, Texas, market climbed for the ninth straight month in June, as single-family home sales and prices hit new highs, the Houston Association of Realtors reported today.
Total property sales, which include single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 9,166 in June, up 14.1 percent from June 2005.
Sales of new and existing single-family home sales set a record last month with 7,588 transactions, up 13.4 percent from last June’s 6,694. The overall median price of single-family homes also nailed a record at $156,000, which was an increase of 7.2 percent compared to a year ago. The median is a typical market price where half of the homes sold for more and half sold for less than that figure.
“This market just continues to amaze all of us with each passing month. Our members are reporting that they have never seen it as busy as it has been so far this summer,” said Lorraine Abercrombie, HAR chair and marketing director for Greenwood King Properties. “With interest rates also on course to rise during the coming year, this may be the best time for someone looking to buy or sell a home in the greater Houston area.”
The number of available homes (active listings) at the end of June was 44,442 properties, which was a decrease of 2.1 percent versus last June and the 10th consecutive month with a year-over-year decline. The figure was an increase of 944 properties from last month though, which shows there are still plenty of available homes for purchase.
The months inventory of single-family homes, which estimates the number of months it will take to deplete current active inventory based on the prior 12 months’ sales activity, came in at 5.4 months for June, unchanged from the previous month but down from a year ago. This statistic signals more of a seller’s market and also shows that demand is more than keeping up with the available supply of homes.
The Houston Association of Realtors also reported:
- For the month of June, existing single-family home sales totaled 6,587, which was a 13.2 percent increase from June 2005. The median sales price for existing homes in the Houston area was $150,000, an increase of 8.3 percent compared to the same period last year.
- The number of townhouses and condos that sold in June increased substantially compared to last year’s sales, with 856 units being sold last month, versus 708 properties in June 2005, or a 20.9 percent increase in year-over-year sales.
- The overall median price in the townhouse/condo segment in Houston was up 4.7 percent year-over-year in June, with the median sales price registering $125,000.
The Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 22,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties.