HOUSTON — (July 15, 2008) — Despite a tenth consecutive monthly decline in sales, the average and median prices of a single-family home in the greater Houston area soared to record highs in June, according to statistics released by the Houston Association of REALTORS® (HAR). Single-family home sales slid 14.7 percent on a year over year basis. However, the number of closed sales was the highest since last August.
The average price of a single-family home rose by 4.5 percent last month to $228,448, surpassing the previous high of $218,583 in June 2007. The median price of a single-family home rose 1.3 percent last month to $162,000, surpassing its previous high of $160,000, also from last June.
Sales of all property types for June 2008 totaled 7,237, reflecting a 15.1 percent drop compared to June 2007. Total dollar volume for properties sold during the month was recorded at $1.6 billion versus $1.8 billion one year earlier, a 10.7 percent decline.
“We’re not out of the woods, however the Houston real estate market continues to show positive indicators that others around the country consider enviable,” said Michael Levitin, HAR chairman and principal of HTownRealty.com. “Single-family and townhome pricing now exceeds levels seen even during the 2007 record year and the Days on Market figure has improved steadily each month this year. A number of brokers, particularly those specializing in Inner-Loop listings, have recently announced record months for sales performance, underscoring the point that real estate is local.
June Monthly Market Comparison
All listing categories combined, Houston’s overall housing market saw a continuation of mixed results in June. While both average and median single-family home sales price rose on a year-over-year basis, total property sales and total dollar volume tumbled.
The number of available homes, or active listings, at the end of June was 53,792 properties, a 2.0 percent increase over June 2007. The figure was up 487 properties from May 2008.
Month-end pending sales – those listings expected to close within the next 30 days – totaled 4,456, which was 20.6 percent lower than last year and strongly suggests the likelihood of another sales decline next month. The month’s inventory of single-family homes for June came in at 6.7 months, a slight increase from May’s 6.6-month figure. This compares to the June 2007 single-family homes inventory of 6.2 months.