Excerpted from HAR’s 08/08/2018 press release Glenn A. Dickson
Home sales and prices reach record highs
8109 single-family homes sold in July compared to 7,433 a year earlier, representing a 9.1% increase. On a year to date basis, home sales are 3.4% ahead of 2017’s record pace. The Greater Houston Partnership reported that for the 12 months ending June 2018, the metro Houston created 94,600 jobs, a 3.1% increase and at an accelerating pace from the May report suggesting that sales growth and appreciation will continue especially given tight supply.
Single family inventory remains at 4.2 months, and was at 4.3 months a year ago. 42,952 homes were for sale a year ago, with 41,459 currently for sale, a 3.55 decrease in inventory. The median sales price increased from 230,000 to 243,500, a 5.9%5 increase this past year.
There is limited lower priced inventory, so the entry level housing market remains very tight for both owner occupants and landlord investors. The under $100k sales volume was down 12.2% from July a year ago, the $100 to 150k down 22.2%, then the 150 to 250k was up 9.5%, the 250 to 500k up 21%, the 500-750k up 15.1% and the 750+ up 6.3%. Average days on market stayed at 48. Lease volume through HAR.com was down 1.9% from last July, but the average rent is up 5.6% to $1916 per month for single family homes