DataMarkets & Economy

Houston home market maintains stability, hits price record

Despite slowing sales, housing stock and prices are on the rise
  • Single-family months supply rose 17.2 percent and total active listings increased 13.8 percent year-over-year.
  • Houston home sales amassed $2.6 billion in transaction volume in June, a 1.7 percent dip from last year.
  • Although closings dropped minimally, single-family pending sales jumped 8.6 percent, from 7,181 to 7,801.
  • Both single-family leases and condo leases grew by 4.8 percent and 12.9 percent, respectively.

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Despite the local economy’s dependence on the oil industry, it seems Houston's housing market is maintaining stability. According to the Houston Association of Realtors (HAR) June report, Houston's median price hit $230,538, and average price tapered to $300,178, barely falling short of the previous record hit last June. Months supply rose also rose year-over-year, increasing 17.2 percent year-over-year in June, while total active listings increased 13.8 percent. Although total property sales declined year-over-year, June posted a solid 9,139 closings – less than a percentage point drop year-over-year. These helped to bring in almost $2.6 billion in volume, which is 1.7 percent less than last June’s $2.63 billion and change. "We continued to see solid buying activity among middle-range housing in June,” HAR Chairman Mario Arriaga said in a statement. “Even though sales overall leveled off compared to last June, volume is up for the year, and we anticipate...