HAR Update: Home Prices Reach All-Time Highs
Houston Homes Sales Reach Record Breaking Averages
If you feel like home prices in the Houston market keep going up, you’re right. With the average and median home price at all time highs, homes won’t be getting less expensive any time soon. Click below for the full report.
“According to the latest monthly report prepared by the Houston Association of Realtors (HAR), May single-family home sales totaled 6,807 units compared to 7,110 a year earlier. Months of inventory, the estimated time it would take to deplete the current active housing inventory based on the previous 12 months of sales, increased to a 3.1-months supply versus 2.8 months last May. That is the highest level since October 2013, but still well below the current national supply of 5.3 months of inventory.
Home prices climbed to all-time highs, with the average price of a single-family home up 4.5 percent year-over-year to $292,040. The median price—the figure at which half the homes sold for more and half for less—soared 10.5 percent to $223,000.”