It was a strong June for both local and greater Houston housing markets, as single-family home sales across the region showed improvement over last June according to the most recent report from the Houston Association of Realtors.
Meanwhile, both average and median sales prices also shot up across most local housing markets as the summer market was in full swing, with buyers largely undeterred by slowly-increasing prices.
“If there were concerns about rising home prices in the Houston market, you wouldn’t know it from all the homebuying that took place in June,” said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase. “We continue to outperform last year’s record pace of home sales, but we’ll keep a close eye on inventory levels in the weeks ahead to ensure they are meeting demand.”
In Garden Oaks and Oak Forest, 72 homes came off the market this past June, compared to 64 the previous year – a substantial 12.5 percent rise, which represented the largest substantial uptick across local markets.
On the flip side, home prices in the area experienced relatively modest – but diverging – trends, with median price dropping 2.9 percent to $499,492 and average price rising 2.7 percent to $440,500 at month’s end.
Though many markets saw a strong month, June was a different story for those on the westernmost edge of our coverage area (Mangum Manor, etc.). Buyers and sellers both experienced a near record drop-off in home sales, seeing just 14 come off the market, compared to 37 the previous June – a 62 percent dip, representing the largest dip across local markets.
Average home prices in this zip code also showcased a modest 4.4 percent drop – to $235,967 – while median prices in this market stayed relatively steady with a 1.7 percent downturn to the tone of $225,500 by month’s end.
While most markets showed uniform trends across the board, June was a period of widely varying trends in neighborhoods bordering Greater Inwood and Acres Homes.
Despite not being an extremely active market, the area did see a 50 percent rise from the eight sold during the same period last year, with 12 home sales closing during the month.
The area was also the only local market to see almost no change in average pricing, with last month’s $190,042 representing just a 0.2 percent increase over last year. It also possessed the starkest downturn – 11.7 percent – as well as the lowest median home prices among local markets, coming in at $170,000 last month.
This zip code – encompassing much of the Greater Heights and Timbergrove/Lazybrook neighborhoods – had a relatively modest month regarding home sales, accompanied by a striking rise in home prices.
Home sales in this area was one of several local markets to at least double the greater Houston region’s 1.8 percent increase, with the 119 homes coming off the market representing a 3.5 percent rise over last June.
Further, both the 17.3 percent increase in average home price and 18.6 percent rise in median price were the highest risers in local markets. Meanwhile the June 2018 average price of $571,973 was the 2nd-highest among local markets, and the $500,000 median home price was the largest figure – more than doubling the median price of the Greater Houston region.
For the eastern portion of the Heights (Woodland Heights, Norhill) June saw a steady rise across the board, with rising prices not deterring buyers.
This area had 51 sales close in June 2018, an 8.5 percent uptick over the same period last year, the 2nd-largest rise among areas with substantial sales. Average prices in the area saw an identical increase, rising to $496,133 at month’s end.
Median prices in this area experienced one of the healthiest rises in Leader neighborhoods, with a 14.6 percent rise that represented the 2nd-largest local increase – sitting at $451,050 this past June compared to $393,630 during the same time last year.