Leader-area neighborhoods saw a noticeable drop in sales accompanied by rising average and median home prices across the board.
Meanwhile, the greater Houston market remained in positive territory in May with a one percent rise in home sales and record highs for average and median prices according to the most recent report from the Houston Association of Realtors.
“We saw textbook seasonality at play across most of Houston in May as the spring home-buying season got underway, and an improving supply of homes definitely helped,” said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase.
This past month, home sales in the local area dipped by as much as 9 percent, while average and median prices surged by up to 12 percent in select neighborhoods.
Garden Oaks/Oak Forest (77018, 77092)
In the northern portion of local neighborhoods, buyers and sellers saw gains across the board. According to the HAR report, home sales in the majority of Garden Oaks/Oak Forest saw a slight 4 percent uptick, with 258 homes selling last month compared to 249 the previous May.
Meanwhile, buyers in this neighborhood experienced skyrocketing home prices. Compared to last May’s $457,400 average price figures, homes in Garden Oaks and Oak Forest went for an average of $515,890 this past month – nearly a 13 percent gain. Further, the neighborhood’s median prices rose by nearly 7 percent from last May’s figure, coming in at $426,975.
On the western portion of the area (77092), 9 percent fewer homes came off the market last month compared to the same time period in 2017. According to the HAR report, average prices on the western edge of Garden Oaks/Oak Forest saw a modest 2 percent rise, while median prices gained a bit more, rising nearly 5 percent to $260,000 at month’s end.
Lazybrook/Timbergrove, Greater Heights (77008, 77009)
One of the few areas to experience a sales dip, sellers saw 390 homes come off the market last month in the Greater Heights, Timbergrove, and Lazybrook (77008) — a modest 4.2 percent drop from the pace of 407 the previous May. Both average and median prices gained about 6 percent last month, up to $524,977 and $465,000, respectively.
To the east, those in the Woodland Heights and near Northside (77009) saw the greatest local gains in home sales in May, as 222 sales closed during the month – a 12.1 percent rise from the same month in 2017. Average home price mirrored the Greater Heights with a 6.4 percent gain to $452,599, while median home price maintained a steady keel, showcasing a modest 3.4 percent gain up to $398,750 by month’s end.
Washington Heights, Rice Military (77007)
Finally, the southernmost neighborhoods of The Leader’s coverage area showed a significant dip in sales activity compared to the previous May, as only 266 homes came off the market – a downturn of more than 8 percent, one of the largest in the area.
Meanwhile home prices in these neighborhoods represented the second-healthiest local gains, rising nearly 10 percent up to $545,073; and median home price gains nearly mirrored the Greater Houston region with a modest 3.9 percent jump.