There’s plenty of reasons to be buying a home in Houston this summer, like a resilient economy and a steady rise in home values over the past few years. In fact, so many people purchased homes this past month that home sales have made history. According to a press release by Houston Association of REALTORS®, 8,518 single-family homes sold in June.
Neither scorching temperatures nor vacation plans could stop homebuyers from pushing the Houston real estate market into record territory in June, as they generated the greatest one-month sales volume of all time and sent average and median prices to new highs. Single-family home rentals were also in strong demand.
According to the latest monthly report from the Houston Association of REALTORS® (HAR), 8,518 single-family homes sold in June compared to the last record high of 8,367 homes exactly one year earlier. That represents a 1.8 percent increase.
The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 2.6 percent to $245,000 and the average price climbed 4.3 percent to $316,463. Those prices broke records set just last month and are the result of strong activity in the luxury market – homes priced at $750,000 and above – which saw an 18.4 percent year-over-year jump in sales volume.
“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.”
June sales of all property types broke the 10,000-mark for the first time in history, totaling 10,115. That represents an increase of 1.7 percent versus the same month last year. Total dollar volume was up 6.6 percent, reaching more than $3 billion.