Houston Real Estate Highlights in May
- Single-family home sales rose 2.8 percent year-over-year, with 8,346 units sold, marking the fourth consecutive month of positive sales;
- On a year-to-date basis, single-family home sales are 2.7 percent ahead of 2018’s record pace;
- Days on Market (DOM) for single-family homes was flat at 53 days;
- Total property sales increased 3.1 percent, with 9,948 units sold;
- Total dollar volume jumped 7.8 percent to slightly more than $3 billion;
- The single-family home median price rose 2.4 percent to $249,993, achieving an all-time high;
- The single-family home average price was up 5.8 percent to $323,023 – also a record 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;
- After a fractional sales gain in April, townhome/condominium sales fell 2.6 percent with 648 units sold. The average price was down 2.3 percent to $209,497 and the median price fell a fractional 0.6 percent to $169,000;
- Single-family home rentals rose 11.1 percent with the average rent up 1.6 percent to $1,874;
- Volume of townhome/condominium leases surged 19.3 percent with the average rent up 5.6 percent to $1,666.
Would be interesting to track the inventory of houses above the median, and separately track the inventory of houses below the median. My guess is that the inventory of the higher end homes is way bigger. And I think those nicer/better/pricier homes just take longer to move anyway as the buyer pool is so much smaller. Probably not a ton of great insight there -- if it is indeed the case.