The Houston real estate market ran hot in June, crossing more than 10,000 sales in the month for the first time ever, according to a realty report.
Single-family home sales made up the bulk of the 10,115 units sold during the month, according to the Houston Association of Realtors‘ monthly report. Those units were worth more than a combined $3 billion.
Single-family home sales represented 8,518 of those sales, up 1.8 percent from 8,367 in June 2017.
Prices rise faster than sales
The median price of those homes also rose 2.6 percent year-over-year to $245,000. Strong sales in the luxury home market—defined as homes priced at $750,000 or more—pushed the average price even higher, to $316,463. Home sales in that price range rose 18.4 percent.
That high-performing luxury market helped push prices to rise faster than the volume of sales. The $3 billion sales volume was up 6.6 percent from June 2017, when more than $2.8 billion in sales were recorded.
The month’s end pending sales also increased to 8,396, a 10.2 percent increase over last year. However, total active listings fell 3.9 percent from June 2017 to 40,198 as did single-family homes’ months of inventory, which was at 4.1 months supply. However, that was at its highest level since August.
Days on market, defined as the average number of days it took to sell a home, declined from 50 to 48 days.
“If there were concerns about rising home prices in the Houston market, you wouldn’t know it from all the homebuying that took place in June,” Houston Association of Realtors chair Kenya Burrell-VanWormer with JPMorgan Chase said in a press release. “We continue to outperform last year’s record pace of home sales, but we’ll keep a close eye on inventory levels in the weeks ahead to ensure they are meeting demand.”
The Houston Association of Realtors provides real estate market updates for the greater Houston area, including home sales statistics, as well as general news and information about the association.