The May 2018 Houston Association of Realtors (HAR) report was released last week, indicating all-time highs in both single-family median and average home prices. This result continues the pattern of a steady, consistent market over the last several years, which seems to be deterred by little including hurricanes.
Broken out by housing segment, May sales performed as follows:
- $1 – $99,999: decreased 13.8 percent
- $100,000 – $149,999: decreased 21.8 percent
- $150,000 – $249,999: unchanged
- $250,000 – $499,999: increased 6.9 percent
- $500,000 – $749,999: increased 10.3 percent
- $750,000 and above: unchanged
The best performing segment of the market was houses between $500,000 and $749,999, the volume of which increased 10.3% over May of 2017. The luxury market (houses over $750,000) remained unchanged.
Months of inventory stayed flat at a 4.0-months supply, which was the highest level of the year, and equal to the national average.
Here are some interesting quotes and statistics from the report:
“The single-family home median price rose 3.4 percent to $243,000, which represents an all-time high.”
“The single-family home average price increased 1.3 percent to a record high of $305,511.”
“Days on Market (DOM) for single-family homes increased slightly from 51 to 52 days.”
“Single-family homes months of inventory was flat at a 4.0-months supply, the highest level since last August and equal to the national inventory level.”
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