The greater Houston real estate market remains strong as low interest rates and a growing selection of housing options continue in May 2019 according to the most recent housing market report released by the Houston Association of Realtors®. Additionally, along with a strong local economy and solid home sales, the rental market is also adding to the Houston housing market.
Sales of single-family homes increased 2.8% in May 2019 with 8,346 homes sold compared to 8,117 in May 2018. Home sales have increased 2.7% ahead of 2018’s record pace. Single-family home sales prices reached record highs in May with previous highs reached a year ago in June 2018. The median price increased 2.4% to $249,993 and the average price increased 5.8% to $323,023. Sales of all property types increased 3.1% to 9,948 and total dollar volume for May increased 7.8% to just over $3 billion. Single-family homes inventory increased 0.3 months to a 4.2-months supply. Days on market remained steady and 53 days.
Lease Property Update
Single-family home leases increased 11.1% and townhomes and condominium leases increased 19.3%. The average rent for a single-family home increased 1.6% to $1,874 and the average rent for townhomes and condominiums increased 5.6% to $1,666.
In May 2019, townhouses and condominium sales decreased 2.6% to 648 solds. The average price decreased 2.3% to $209,497 and the median price decreased 0.6% to $169,000. Inventory increased 0.5 months to a 4.6 months supply.