HOUSTON REAL ESTATE UPDATE – MAY 2017
May reflects another HOT month for Houston Real Estate! The Houston Association of Realtors (HAR) reports are in, and Houston real estate sales and rentals continue to outpace last year’s record performance. The greatest sales gains took place among homes priced from $750,000 and above (categorized as the luxury market), followed by homes in the $150,000 to $249,900 range.
HOUSTON REAL ESTATE HIGHLIGHTS FOR MAY
- Single family home sales rose 11.5% year-over-year with 8,156 units sold;
- Total property sales increased 12.3% with 9,744 units sold;
- Total dollar volume jumped 17.4% to $2.8 billion;
- The single family home average price climbed 4.3% to $302,362, which was the second highest level of all time (highest was $302,629 in June 2015);
- The single family home median price rose 4.4% to a record high of $235,000;
- Single family homes months of inventory grew to a 4.1 months supply, the highest level since November 2012;
- Townhome/condo sales surged 16.5%, with the average price up 3.1% to $206,363 and the median price up 0.9% to $163,500;
- Leases of single family homes soared 31.0% with average rent down 4.2% to $1,779;
- Volume of townhome/condo leases rocketed 46.2% with average rent down 6.7% to $1,565.
With the Houston housing market showing another strong month for May, there is no doubt that the second half of 2016 and 2017 will reflect record numbers for Houston real estate!
If moving is in your near future, please contact us. THE HOUSTON REAL ESTATE MARKET IT HOT!
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