June home sales did not reach the historic numbers June 2018 presented despite low interest rates and a more robust housing inventory according to the latest Houston Real Estate Market Report just released by the Houston Association of Realtors®. However, it the report did state that 2019 is still outpacing 2018 in overall sales.
The median price of a single-family home increased 2.9% to a record high of $252,000. The average price increased 2.0% to a record high of $321,973. Housing inventory increased 0.3 months to a 4.4-months supply. Sales of all property types decreased 5.1% to 9,461 sales. Total dollar volume for the month decreased 3.1% to $2.9 billion. Single-family pending home sales increased 13.2% to 8,796 pending sales. Total active listings increased 11.0% to 45,262. Days on Market increased to 49 compared to 48 last June.
Lease Property Update
Lease property demand is up again for June 2018 compared to the year prior. Single-family home leases increased 3.0% while leases of townhomes and condominiums increased 3.2%. The average rent for single-family homes increased 2.2% to $1,922 while the average rent for townhomes and condominiums decreased 3.2% to $1,606.
In June 2018, townhome and condominium sales decreased 16.2% to 584 units sold. The average price increased 6.7% to $224,812 and the median price increased 8.7% to $177,250.