As we cross the halfway point of 2016, the real estate market in Houston remains relatively flat. The average home price for June 2016 was up 1.59% year over year to $304,515.
Houston’s unsold Inventory held steady at 4.1-months of supply. While this is below the current national average of 4.7 months, it is still up slightly from last year’s ~3.5 months of available inventory. This increase in inventory has brought the market much more in balance between buyers and sellers from the past 3 years. With that, we have seen relatively moderate price appreciation.
KEY NUMBERS FOR JUNE 2016
Single-family home sales fell .2 percent compared to June 2015
Median home prices were up 3.63 percent to $200,000
Total dollar volume increased 3.8 percent to $2.1 billion
Pending contracts for June were up 8.6% from June 2015.
Total active listings were up 13.6% from June 2015.