Monthly Housing Update
A comprehensive overview of monthly property sales activity for the Greater Houston area as recorded in the MLS.
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INVENTORY HEATS UP WHILE HOUSTON HOME SALES COOL IN JUNE
Sales decline as prices moderate and inventory expands
HOUSTON — (July 15, 2024) — As the temperatures climbed in June, the Houston housing market experienced a cooldown with home sales below 2023 levels for the second month in a row. This slowdown coincided with an increase in available homes, offering more options for prospective buyers.
Single-family home sales across the Greater Houston area declined 11.6 percent year-over-year, according to the Houston Association of Realtors’ (HAR) June 2024 Market Update. The Houston Multiple Listing Service (MLS) recorded sales of 7,718 units compared to 8,729 last June. Months supply of homes climbed from 3.0 to 4.3, which is the highest in more than a decade.
All housing segments saw a slowdown in sales in June. The luxury segment ($1 million+), which represents just 4.1 percent of all homes on the market, experienced the biggest decline with sales 19.4 percent below where they were in June 2023. The segment that consists of homes priced between $500,000 and $1 million had the smallest decline, with sales down 5.8 percent year-over-year.
The average price of a single-family home edged up 0.8 percent to $432,090 compared to last June. The median price increased 0.7 percent to $345,500.
“While there are more options available for homebuyers, affordability concerns continue to be a major hurdle,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “Many consumers are taking a wait-and-see approach due to elevated mortgage rates and higher prices, and some are ultimately choosing to rent.”
HAR will publish its June 2024 Rental Home Update on Wednesday, July 17.
June Monthly Market Comparison
June marked the second consecutive month where home sales declined. Single-family pending sales outpaced 2023 figures, jumping 8.4 percent compared to last June.
Total property sales were down 13.6 percent and total dollar volume declined 12.2 percent to $3.8 billion. Active listings, or the total number of available properties, continued to increase with 33.8 percent more listings for sale now compared to June 2023.
Months of inventory expanded from a 3.0-months supply last June to 4.3 months, which is the highest since October 2012 when there was a 4.4-months supply. Housing inventory nationally stands at a 3.7-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.
Single-Family Homes Update
In June, single-family home sales declined 11.6 percent year-over-year with a total of 7,718 units sold across the Greater Houston area compared to 8,729 last June. The average price was statistically flat at $432,090 as well as the median price at $345,500.
Active listings were 40.0 percent above where they were during the same time last year, with 30,053 available homes in June.
Days on Market, or the actual time it took to sell a home, was up from 45 to 46 days. Months of inventory increased to a 4.3-months supply compared to 3.0 months last June. That is ahead of the current national supply which stands at 3.7 months, as reported by NAR.
Broken out by housing segment, June sales performed as follows:
- $1 - $99,999: decreased 17.6 percent
- $100,000 - $149,999: decreased 6.4 percent
- $150,000 - $249,999: decreased 7.2 percent
- $250,000 - $499,999: decreased 11.5 percent
- $500,000 - $999,999: decreased 5.8 percent
- $1M and above: decreased 19.4 percent
HAR also breaks out sales figures for existing single-family homes. In June, existing home sales totaled 5,507, which is down 15.1 percent compared to the same time last year. The average price climbed 3.1 percent to $447,142 and the median sales price increased 2.7 percent to $349,000.
For HAR’s Monthly Activity Snapshot (MAS) of the June 2024 trends, please click HERE to access a downloadable PDF file.
Townhouse/Condominium Update
Sales of townhomes and condominiums also slowed in June. Sales were 19.9 percent below where they were last year with 506 closed sales compared to 632 in June 2023. The average price of townhomes and condominiums rose 7.8 percent to $271,356 while the median price was up 12.1 percent to $241,000.
The inventory of townhomes and condominiums continues to expand. Inventory grew from a 2.7-months supply last June to 5.0 months, which is the highest since September 2012 when it was 5.3 months.
Houston Real Estate Highlights in June
- Single-family home sales declined 11.6 percent year-over-year;
- Days on Market (DOM) for single-family homes went from 45 to 46 days;
- Total property sales were down 13.6 percent with 9,133 units sold;
- Total dollar volume declined 12.2 percent to $3.8 billion;
- The single-family median price was statistically flat at $345,500;
- The single-family average price was statistically flat at $432,090;
- Single-family home months of inventory registered a 4.3-months supply, up from 3.0 months last June;
- Townhome/condominium sales continued to decline, falling 19.9 percent, with the median price up 12.1 percent to $241,000 and the average price up 7.8 percent to $271,356.
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