Houston Real Estate Highlights in August

[Jhoana Olarte]

Houston Real Estate Highlights in August

• - Single-family home sales rose 3.9 percent year-over-year, with 8,679 units sold – the second biggest one-month sales volume of all time;
• - On a year-to-date basis, single-family home sales are running 3.1 percent ahead of 2018’s record pace;
• - Days on Market (DOM) for single-family homes edged up from 49 to 52 days;
• - Total property sales rose 4.1 percent, with 10,375 units sold – the second greatest one-month total property sales volume ever and only the second time in Houston real estate history that the total has surpassed 10,000.
• - Total dollar volume increased 6.6 percent to $3.1 billion;
• - The single-family home median price rose 4.5 percent to $249,000, achieving an August high;
• - The single-family home average price was up 3.4 percent to $312,727 – also a record high for an August;
• - Single-family homes months of inventory reached a 4.2-months supply, up from 4.0 months last August and just slightly below the 4.3-months supply maintained in June and July. For comparison, the national housing inventory is also at a 4.2-months supply, according to NAR;
• - Townhome/condominium sales fell 2.9 percent year-over-year, with 641 units sold. The average price was flat at $209,075 and the median price rose 3.9 percent to $172,500;
• - Single-family home rentals increased 7.6 percent with the average rent unchanged at $1,914;
• Volume of townhome/condominium leases climbed 6.3 percent with the average rent also unchanged at $1,645.

[Roni E.]

First off, I hope every who is in Houston is safe and our prayers go out to you and your family. I would focus on the rental market.