June marked the second consecutive month of declining home sales compared to 2023 levels, according to the Houston Association of Realtors' June market update. This sales slowdown also coincided with an increase in available homes, according to the report.
By the numbers
According to HAR’s June market update:
- Single-family homes across the Houston metro declined 11.6% year-over-year, with the Houston Multiple Listing Service recording sales of 7,718 units this June compared to 8,729 units last June.
- The average single-family home price increased .8%, going from $428,790 to $432,090 year-over-year.
- The total number of available properties increased 33.8%, with 47,563 active listings this June compared to 35,556 listings last June.
Also of note
All housing segments saw sales dip in June, according to the report. Additionally:
- Single-family months inventory increased to 4.3, compared to 3.0 last June. Months inventory estimates the number of months it will take to deplete the current active inventory based on the prior 12 months sales activity, according to the report.
- Sales for homes valued over $1 million declined 19.4% year-over-year compared to last June.
- Homes valued between $500,000 and $1 million had the smallest decline in sales, decreasing 5.8% year-over-year.
HAR Chair Thomas Mouton said consumers are adopting a cautious approach due to elevated mortgage rates and higher prices.
“While there are more options available for homebuyers, affordability concerns continue to be a major hurdle,” Mouton said in the report. “Many consumers are taking a wait-and-see approach due to elevated mortgage rates and higher prices, and some are ultimately choosing to rent."
