Houston Luxury Real Estate Market Continues to Boom in May – June 2019 HAR Report
The Houston luxury real estate marketing (homes over $750,000) increased a whopping 17.6% in volume over last May according to the June 2019 Houston Association of Realtors (HAR) report.
This continues an accelerating pattern of increased traction in the luxury market. By comparison, homes between $100,000 and $150,000 decreased 19% in volume.
May sales volume, broken out by housing segment:
- $1 – $99,999: decreased 9.9 percent
- $100,000 – $149,999: decreased 19.0 percent
- $150,000 – $249,999: increased 2.9 percent
- $250,000 – $499,999: increased 5.8 percent
- $500,000 – $749,999: increased 6.3 percent
- $750,000 and above: increased 17.6 percent
Months of inventory increased to a 4.2 month supply, up from 3.9 last May.
Here are some interesting quotes and statistics from the HAR report:
“Single-family home sales rose 2.8 percent year-over-year, with 8,346 units sold, marking the fourth consecutive month of positive sales.”
“Days on Market (DOM) for single-family homes was flat at 53 days”
“The single-family home median price rose 2.4 percent to $249,993, achieving an all-time high”
“Single-family homes months of inventory reached a 4.2-months supply, up from 3.9 months last May and the most plentiful level since August 2017. For comparison, the national inventory is also at a 4.2-months supply, according to NAR”
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