May single-family [new and existing] home sales as reported by HAR-MLS experienced a 3% increase in sales and 3% YTD. It seems like the summer sales engines are gearing up for a more impressive June because pending sales for May closed with an 11% increase. This indicates that sales will continue to be healthy at least through June.
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.
As the table depicts, listings are up 11% for May in comparison to last May, so there is a plentiful supply of inventory heading into the summer market. Due to this increase in supply, the average sales price will rise at a much slower pace than has been seen in years past. The highest demand prices ranges can be viewed below.
Highest % Increase of Top Selling Home Sales by Price Class for 2019 YTD
As you can see, although these homes sales by price class have experienced the largest increase in sales from 2018, they vary tremendously in terms of months of inventory. The lower the price class, the less time it takes to sell and the higher the price class, the longer it takes to sell. The $400,000-$499,999 is the median price class where homes below that price class are in a sellers’ market and homes above that price class 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