The June 2017 Houston Association of Realtors (HAR) report showed the eighth straight month of gains in the Houston luxury real estate market (homes over $750,000).  June saw a 13% gain in the number of homes sold in this segment of the market when compared to June of 2016.

Broken out by housing segment, February sales performed as follows:

  • $1 – $99,999: decreased 12.1 percent
  • $100,000 – $149,999: decreased 10.7 percent
  • $150,000 – $249,999: increased 12.2 percent
  • $250,000 – $499,999: increased 11.5 percent
  • $500,000 – $749,999: increased 6.9 percent
  • $750,000 and above: increased 13.0 percent

The single-family median home price climbed 2.6% year over year to $239,023, while the average single-family home price rose 1.5% to $304,155.  This strong, steady growth has been the hallmark of Houston real estate for the last few years.
June 2017 HAR Report – 8 Straight Months of Luxury Market Increases 1

Months of inventory rose to 4.4 from 3.9 a year ago, continuing the move toward a buyers market, (which we consider to be more than 6 months of inventory).  This is the highest level of inventory since October 2012.

Here are some interesting quotes and statistics from the report:

“Single-family home sales rose 8.3 percent year-over-year with 8,414 units sold – the largest one-month sales volume of all time.”

“Single-family homes months of inventory grew to a 4.4-months supply, the highest level since October 2012.”

“Total dollar volume jumped 10.4 percent to $2.9 billion.”

CATEGORIES JUNE 2016 JUNE 2017 CHANGE
Total property sales 9,225 9.993 8.3%
Total dollar volume $2,615,214,802 $2,887,390,370 10.4%
Total active listings 37,230 43,326 16.4%
Single-family home sales 7,771 8,414 8.3%
Single-family average sales price $299,761 $304,155 1.5%
Single-family median sales price $233,000 $239,023 2.6%
Single-family months inventory* 3.9 4.4 0.5 mos.
Single-family pending sales 7,034 8,363 18.9%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

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