August 2019 was another record breaking month for the Greater Houston Area housing market! A combination of low interest rates and higher housing inventory has lead to one of the strongest summers in Houston real estate history according to the latest MLS Report released by the Houston Association of Realtors®. Usually sales tend to slow once school hits, but it’s possible that sales may not let up until late in the year.
August sales of single-family homes increased 3.9% to 8,679 home sold, making this the 2nd largest single month sales volume of all time. The median price of a single-family home increased 4.5% to a record high for an August of $249,000. The average price increased 3.4%, also a record high for an August, to $310,409. Monthly housing inventory increased 0.2 months to a 4.2 months supply. Sales of all property types increased 4.1%, totaling 10,375 units – the second highest one-month volume of all time. Total dollar volume for the month increased 6.6% to $3.1 billion. Days on Market increased to 52 compared to 49 a year ago.
Lease Property Update
Single-family home leases increased 7.6% and townhome and condominium leases increased 6.3%. The average rent for single-family homes remained steady at $1,914 and the average rent for townhomes and condominiums also remained steady at $1,645.
August sales declined 2.9%, with 641 units sold compared to 660 in August 2018. The average price remained steady at $209,075 while the median price increased 3.9% to $172,500. Inventory increased 0.5 months to a 4.7 months supply.