The Houston Association of Realtors (HAR) said in a recent news release that home sales in the region at large have surged back to normal Houston summertime levels despite the COVID-19 pandemic, due to properties going under contract before the pandemic hit.
However, many local neighborhoods cannot say the same. In the six zip codes served by The Leader, five of them saw a significant dip in year-over-year June closings and are well off of their 2019 pace, according to the most recent report from HAR, while home prices saw a mixed bag of results.
Only the Northside/Greater Inwood area (77091) saw a year-over-year rise in June home sales per the report, while the Woodland Heights/Sunset Heights/Northside Village neighborhood (77009) saw the most dramatic drop-off.
New listings were down 7 percent in Houston the week ending July 13, while properties withdrawn due to COVID-19 rose by 2.1 percent last week, according to HAR.
In the Garden Oaks and Oak Forest neighborhoods, sales dropped by nearly 14 percent compared to the same month last year. Over the course of the month, 62 homes closed in the area – down from 72 sales during the same period last year. Through the end of the month, the area is also 7.4 percent behind its 2019 pace, with 301 homes sold by month’s end.
Home prices here showed the most significant dip for buyers, with average prices dropping 13.7 percent down to $485,353. Meanwhile, median home sale prices came in at $398,950 – down nearly 12 percent year-over-year. Year-to-date, the average price is down 2.9 percent, while median prices held at $415,000.
On the western edge of the area, there was also a significant decline in sales. Just 19 homes came off the market last month, compared with 24 the previous June – a 20.8 percent dip. Accordingly, the area is also well off last year’s sales pace, with just 99 homes sold through the end of the month. The figure marks a 32.2 percent drop from the 146 sold through this time last year – the largest among local neighborhoods.
Pricing trends in this neighborhood saw both average and median prices increase slightly year-over year. The average home closed for $286,284 (a 4.6 percent rise), while the $282,500 median price was a jump of about 2.6 percent. Year-to-date, homes are going for $284,053 (flat from last year), while median prices are 4.9 percent higher than 2019 at $277,900.
The zip code including the Northside and Greater Inwood neighborhoods was the only locale in the area to experience a spike in sales. June closings were up 41.2 percent year-over-year, with 24 coming off the market compared to 17 the previous year. Also the only neighborhood ahead of its pace from last year, there have been 107 sales through the end of the month – up 32.1 percent from 2019.
On the pricing front, year-over-year June average prices dipped down to $230,925, while median prices increased by 2.3 percent up to $243,500. Year-to-date, the average home here has cost $256,112. Through the same period last year, median price is up to $255,000.
Down in the Heights, buyers were slightly less frequent than the same month last year. Agents saw 92 homes come off the market in this area, down 7.1 percent from the 99 sold last June. The neighborhood has sold just 430 homes through the end of June 2020, marking a 15.4 percent downturn from the same point in 2019.
Average home price in this market was $537,485 last month, down 5.6 percent for the month year-over year. Meanwhile, median home prices came in at $476,500 last month, a 6.4 percent drop from June 2019. At this time last year $567,915 got you a home here – this year one can be had for $545,450 on average through the end of June, according to HAR. Year-to-date median price dropped slightly (1.4 percent) down to $473,500.
On the eastern edge of the Heights, there was the most dramatic sales downturn year-over-year. Only 32 homes closed in this area last month, nearly a 53 percent drop from the 68 sold last year. Through the end of June, this zip code has also experienced the second-largest dip in year-to-date sales. Agents have seen just 215 sales, compared to 296 during the same period last year.
Accompanying the sales increase were price spikes. The average home buyer paid $538,528 in these neighborhoods, an 11 percent June increase year-over-year. Median home price rose to $454,000, with the 12.2 percent spike the largest in area neighborhoods. To date, a home costs $505,901 while the median price sits at $435,000.
For the southernmost portion of the area that includes Rice Military, it was a rough month as it was for many others. June saw a 15.2 percent dip in sales, with just 72 last month compared to 85 the previous June. There has also been more than a 12 percent downturn to date, with 363 sales so far in 2020.
Average June home prices rose 2.7 percent year-over-year, up to $573,877. Median prices for the month also rose with a 4 percent increase to $488,750. Year-to-date, the average home buyer has paid $513,402, a 6 percent dip from the same period last year. Year-over-year median price through the end of June is relatively steady, rising from $455,000 to $459,000.