A majority of markets showed substantial sales growth both locally and relative to the Greater Houston area in May, while year-over-year prices showcased fluctuating trends according to the latest report from the Houston Association of Realtors (HAR).
Year-over-year sales in local markets rose by as much as 84 percent (western Garden Oaks/Oak Forest), and dipped as low as a 7.1 percent downturn (Greater Inwood/Acres Homes). Sales of single-family homes in Houston increased 2.8 percent in May, according to the latest monthly report, with 8,346 homes sold compared to 8,117 in May 2018. On a year-to-date basis, home sales are running 2.7 percent ahead of 2018’s record pace in Houston, while local markets matched – and often outstripped – Greater Houston trends.
The prices of a single-family home reached historic highs in May. The median price (the figure at which half of the homes sold for more and half sold for less) rose 2.4 percent to $249,993 and the average price climbed 5.8 percent to $323,023.
“We are seeing signs of a healthy and sustainable housing market throughout greater Houston, and that is due to a more plentiful supply of homes, continued low interest rates and a strong local economy,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties.
For the full report, visit har.com.
In Garden Oaks and Oak Forest, year-over-year home sales were up 5.6 percent last month, with 57 homes coming off the market as opposed to 54 the previous year. However, on a year-to-date basis, the sales market is lagging 1.9 percent behind its 2018 pace – the only local area to experience such a trend.
Home prices here also dropped on both fronts, one of two markets to do so. The average consumer paid $503,319 for a home in May, down 1.8 percent. Meanwhile, median prices dropped exactly 2 percent, down to $408,000.
On the western edge of Garden Oaks/Oak Forest and extending slightly west of Highway 290, it was a banner month. Home sales jumped 84.2 percent, with 35 sales closing as opposed to just 19 the previous May. Year-to-date, this area has also been the biggest riser – 123 homes came off the market compared to 89 last May. The 38.2 percent spike was the second-largest in area markets.
However, the area also experienced dipping prices last month. The average price of $284,990 represented a 4.7 percent drop from this time last year, while median prices for homes here dropped 6.7 percent down to $270,500.
The zip code including Greater Inwood and Acres Homes was the only area market to see a year-over-year drop in home sales. Its 13 homes sold was only marginally down from the 14 sold the previous May – a 7.1 percent downturn. Despite that, the market remains 64.1 percent ahead of its 2018 pace. To date, 64 homes have been sold this year, compared to 39 during the same period last year.
Average home prices here remained relatively flat, but did rise slightly (1.8 percent) to $227,130, while median home prices were up 6.5 percent to $229,000.
Down in the Heights, homes sales were flat last month, with the 109 homes sold matching last year’s May total. Year-to-date, the Heights remains 4.1 percent ahead of last year’s pace despite the stagnant month, with 406 homes sold thus far in 2019 compared to 390 during the same time last year.
Average price of a home in the Heights rose 6.5 percent (up to $566,852) this past May, while median price for a home was up more than 4 percent to $484,903.
The zip code including Woodland Heights and Sunset Heights showed slight growth in home sales last month, with 65 sales closing – representing a 3.2 percent year-over-year rise from the previous May. Meanwhile, the area also sits 2.7 percent ahead of last year’s end-of-May pace, with 228 homes having been sold compared to 222 during the same period in 2018.
Additionally, this was one of three local markets to experience declining home prices. The average buyer paid $495,703 for a home in May 2019, 4.3 percent year-over-year drop from $518,115 last year. Median home price came in at $418,000, a 5.5 percent dip from last May’s mark of $442,170.
In Washington Heights/Rice Military, 85 homes came off the market last month compared 78 the previous May. That 9 percent spike was the second-largest among local markets. Year-to-date sales have also been strong here, with the 330 homes sold putting them 24.1 percent ahead of last year’s pace.
Average home prices in this market remained largely stagnant (up 0.2 percent) while coming in at $551,156, and median price rose 2.3 percent to $462,000.