The traditional year-over-year measurements that the Houston Association of Realtors (HAR) uses to track market trends were thrown off course due to Harvey halting most real estate activity across the greater Houston market during the final week of August 2017 and beyond. According to the traditional, full-month numbers, Houston single-family home sales rose 37.2 percent year-over-year, with 8,358 homes sold in August versus 6,090 one year earlier when Harvey struck the region according to the report.
Per these same numbers, local neighborhoods experienced extreme, widespread sales booms from August 2017 to the same month this year. Year-over-year and year to date home sales also ticked up across the Leader’s coverage area, while home price figures displayed mixed results across the area.
However, in order to eliminate data distortions that natural disasters like Harvey can cause the most recent HAR report analyzed year-over-year sales activity between August 1-24, before Harvey struck. That analysis still showed a healthy market with 5,844 single-family home sales in 2018 versus 5,433 in 2017 – an increase of 7.6 percent. On a year-to-date basis, home sales are 7.2 percent ahead of 2017’s pace.
Per the full-month numbers, home sales in Garden Oaks shot up from 2017 to 2018, with 69 homes coming off the market last month compared to 47 through the time Harvey hit the region last year. The 60.5 percent increase represented the area’s fourth-largest increase in sales. Meanwhile, there was also a 13 percent rise in year-to-date home sales in the area, with 460 sold at this juncture compared to 407 at the same point in 2017.
On the price market, both average (by 17.1 percent to $476,279) and median (by 11.8 percent to $425,000) home prices shot up by double digits last month compared to August 2017. Year-to-date, average price has risen to $511,918 (10.6 percent) while median price is up 6.7 percent to $426,975.
In the area consisting of Garden Oaks/Oak Forest’s western edge and homes just west of Highway 290, home sales have dipped year-to-date, with 157 sales closing compared to 167 to a similar point in 2017. The six percent dip represented the sole drop in the Leader coverage area. On a monthly basis, the HAR report says home sales year-over-year in August more than doubled, with 32 sales closing compared to just 14 until Harvey hit last August. The nearly 129 percent jump was by far the most significant spike in the local area before accounting for the Harvey effect.
Average raw home prices year-over-year for August held relatively steady (1.2 percent increase), while median prices’ 10.3 percent increase (to $253,250) was the second-largest in the Leader area and nearly tripled the greater Houston area’s three percent rise. Year-to-date, average home prices have risen ever so slightly (2.2 percent to $260,827), as have median prices (4.5 percent to $254,000).
The greater Heights homes market showed some of the healthiest growth in raw August numbers according to the most recent report. Home sales in the Heights shot up more than 70 percent (with 104 homes sold) when not accounting for Harvey, marking for the second-largest spike in monthly year-over-year sales. Year-to-date, 709 home sales have closed compared to 685 at a similar point last year.
Both median and average homes prices showed identical 8.8 percent increases in year-over-year August trends. Average price came in $531,857, while median home prices came in at $462,500. Year-to-date, home prices again experienced nearly indentical rises, with median homes prices spiking 6.9 percent to $465,000, and average prices rising 6.7 percent to $531,805.
In the eastern portion of the Heights, including the Woodland Heights and Sunset Heights, raw numbers showed a 38.2 percent spike in year-over-year August home sales, with 47 homes coming off the market last month compared to 34 through Aug. 24, 2017. Year-to-date, 382 homes have been sold thus far in 2018, putting it 15.8 percent ahead of last year’s rate through the same time period.
Year-over-year, this area was one of the only neighborhoods in the Leader area that experienced a drop in price accompanying the increased sales. Monthly year-over-year prices dropped 3.6 percent to $451,052, while median home prices here dropped 9.2 percent to $425,000. Year-to-date, average homes prices have risen 7.4 percent to $462,137, while median home price has risen 4.5 percent to $415,000.
In the southernmost portion of the Leader’s coverage area – Washington Heights, etc. – 65 homes flew off the market this past August, a 25 percent spike from the 52 sold through Aug. 24 in 2017. Year-to-date, the pace (484 homes sold) is nearly identical to 2017’s pace of 483 at this same juncture.
Monthly year-over-yera average home prices in these neighborhoods dropped by nearly 12 percent to $497,358 – the largest Leader-area dip. Meanwhile, median home price here held relatively steady, rising 1.3 percent to $435,000. Year-to-date, average home prices have risen 5.3 percent to $540,043, and median prices are up 3 percent to $439,995.
Data from Houston Association of Realtors