On the heels of a stronger-than-usual month of May, home sales markets in local neighborhoods continued to show year-over-year gains last month – paced by two zip codes on the northern edges of the area – to accompany mixed pricing trends, outpacing the Greater Houston patterns.
Additionally, all but one market are on pace to shatter their 2018 totals, according to the latest monthly report from the Houston Association of Realtors.
“The Houston real estate market remains strong and now offers prospective buyers an even greater selection of housing than they’ve had in some time,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties.
On a year-over-year basis, change ranged from a 16.8 percent downturn in the Heights all the way up to the area including western Oak Forest and Mangum Manor, nearly doubling its sales. In relation to 2018 sales numbers, four of the six local markets are well ahead of last year’s pace, with none more than 1.5 percent behind it.
In Garden Oaks and Oak Forest, homes sales slightly stagnated last month, with the 72 closures matching the output from last June. Year-to-date, this was one of just two neighborhoods seeing a slight downturn in its relative pace, with 325 homes sold so far this year compared to 330 through the same period in 2018.
Average home price in the neighborhood rose 12.6 percent up to $562,412 last month, while median home price rose 2.8 percent up to $452,750.
Just north of Garden Oaks and Oak Forest, the zip code including parts of Greater Inwood and Acres Homes had one of the strongest months in local markets. The 17 homes sold last month marked a 41.7 percent rise from the 12 sold in June 2018. Meanwhile, the neighborhood also is on pace to shatter its 2018 numbers, with the 81 homes sold to date representing a 58.8 percent increase compared to the halfway point of 2018.
Home buyers also saw the largest year-over-year spike in home prices in this area. Average price spiked 32.5 percent up to $251,818, while median home price jumped 40 percent and came in at $238,000 last month.
Just west of central Garden Oaks and Oak Forest, this market experienced the strongest year-over-year sales growth. Twenty-four homes came off the market in June 2019 – a 71.4 percent increase over 2018, when buyers closed on just 14 homes. Through the end of June, the area has seen 146 homes leave the market, nearly 42 percent ahead of last year’s pace of 103 during the same time frame.
It was also one of three area markets to exhibit simultaneously rising average and median home price. During the June period, average home price was $273,703 – a 16 percent year-over-year spike – while median home prices jumped 21.7 percent up to $274,500.
The Heights was the only local neighborhood to show a downturn in sales last month, with only 99 homes coming off the market compared to 119 the previous June. Despite the dive last month, however, the market remains mostly on pace with its 2018 numbers, having sold 508 homes compared to 510 through the same period last year.
On a pricing front, the average home buyer paid $569,192 last month – down slightly from last June’s $571,973 – while median home price rose by nearly 2 percent up to $509,000.
Just east of the Greater Heights, the zip code that includes Woodland Heights and Sunset Heights saw buyers close on 68 homes last month – a 33.3 percent spike over the 51 sold the previous June. Year-to-date, there have been 296 homes sold here, which is 8.4 percent of last year’s pace that saw 273 sold through the year’s halfway point.
On the flip side, this area was the only market to exhibit declining prices on both fronts. Average price dipped 2.2 percent down to $485,269, while median home price ended the month down 10.3 percent to $404,500.
The southern edge of the area, which includes Washington Heights and Rice Military, also saw a spike in sales last month, with 85 homes sold – a 13.3 increase over the 75 sold the previous year. Year-to-date, it has been one of the stronger area markets, with 414 homes coming off the market so far this year – more than 21 percent better than last year’s pace.
Pricing trends here were nearly identical in figure, but on opposite ends of the spectrum. Average home price dipped 5.4 percent down to $558,596, while median home price ended the month up 5.4 percent to $469,900.