Houston gets hot in June – Real Estate Market Simmers

Single family home sales declined 3% in June with 8,097 homes sales recorded.  Despite the decline for the month, year-to-date sales are still in positive territory. The market is up 1%.  Homes that went under contract and are pending to close rose 13% in June which indicates that July could be a healthy closing month.  The table below indicates what to expect in the next half of the year.  More inventory chasing flat sales will continue to put a damper on home price appreciation in most price classes and increase days on the market in most price classes.

Here’s a glance at the trends for the month and year:

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

T op Selling Home Sales by Price Class for 2019 YTD

  1. $150,000-$199,999 – 8,236 sales YTD – 2.0 Months of Inventory
  2. $200,000-$249,999  – 8,196 sales YTD –  3.4
  3. $300,000-$399,999  – 6,608 sales YTD –  5.8
  4. $250,000-$299,999  – 5,793 sales YTD – 4.9
  5. $400,000-$499,999  – 2,966 sales YTD – 6.9

Based on the above top selling price classes, homes priced below $399,999 are in sellers’ markets, homes above that price are in a buyers’ market.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries.  Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, go to www.GaryGreene.com.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene

 

 

 

 

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