June 2017 is the month when Houston’s real estate market recorded the highest returns as evidenced by the high number of homes sold and prices. According to the Houston Association of Realtors’ Report released July 12, the inventory additionally reached its peak level in about five years.
The segment of luxury homes priced at $750,000 and above also had the largest increase regarding sales, hurdling 13 percent yearly in June. That marks the eighth consecutive month of gains in the segment. Sales in the section between $150,000 and $499,999 also got increases of about 12 percent, while sales in the $500,000 to $749,999 segment grew by 6.9 percent.
The total sales of single-family homes amounted to 8,414 last month, and this was the greatest one-month sales volume in the history of Houston and an increase of 8.3 percent from June 2016. The sales of Houston homes for the first half of 2017 grew by 7.4 percent from the first half of 2016. An increase of 8.3 percent to 9,993 of total property sales was also recorded in June 2017.
The median and average price for single-family homes shot the highest in June. The median price increased by 2.6 percent yearly to $239,023, while the average crept up 1.5 percent to $304,155. The volume of the total dollar in all property sales, however, shot 10.4 percent to almost $2.89 billion.
The advancing metrics are still high. Pending sales of single-family homes soared 18.9 percent yearly, and total working listings jumped by 16.4 percent. The inventory of single-family rose to a 4.4-month supply in June, which is the highest since October 2012. It’s also high from a 4.1-month supply in May and a 3.9-month supply in June 2016. The months of inventory evaluates the months it would take to trade the entire homes listed on the market today by looking at the pace of sales in the last 12 months. In contrast, nationwide inventory remains at a 4.2-month supply.
In the meantime, Houston’s demand in the rental market has continued to flow. The leases of single-family homes have jumped by 17.4 percent, and condominium/townhome leases rose to 21.3 percent. The average renting price grew by 2.5 percent to $1,698 for condos and townhomes and down by 4 percent to $1,806 for single-family homes.
According to Houston Association of Realtors, the Houston housing market has recorded tremendous growth in all main metrics in May, and this includes prices, sales, and inventories. The total number of leases also shot the highest in June. The housing market in Houston also had another huge presentation in May with rental properties and sales alike, and its inventory carries on to accommodate the rising demand. If Houston can continue at this pace, it’s evident that 2017 will be the best year ever for Houston’s real estate.