Houston Market Report: June 2019

Norhill Realty July 18, 2019

Although not as spectacular as June of 2018, the Houston real estate market continued to grow in June 2019.  The real estate market continues to perform positively thanks to low-interest rates and a larger range of options available to home buyers. According to the Houston Association of Realtor’s monthly report, homes priced between $250K and $500K performed most positively. The luxury home segment (homes priced at $750,000 and above) was flat.

Median home prices for single-family homes reached an all-time high, climbing 2.9 percent to $252,000. The average price rose to the highest level ever for a June, up 2.0 percent to $321,973.

According to HAR, total active listings, or the total number of available properties, went up 11 percent to 45,262. June sales of all property types totaled 9,461, down 35.1% compared to the same month last year. As a result, the absorption rate for June 2019 increased slightly to 24% versus the 21% rate we saw in June of 2018.

Days on Market (DOM), or the number of days it took the average home to sell, was 49 compared to 48 a year ago. Inventory grew to 4.4-months supply. That is up from 4.1 months year-over-year. Home inventory levels are slightly above the national inventory of 4.3 months reported by the National Association of Realtors (NAR).

Considering the Federal Reserve expected response to current economic conditions, we anticipate that mortgage will remain relatively low over the coming months. This continued low interest-rate environment and increasing housing options should continue to make for a much more buyer-friendly market in some neighborhoods and market segments.

Norhill Realty provides expert real estate services to residential buyers and sellers in Houston and surrounding communities. Contact us today for more information on Houston real estate and for professional assistance navigating this sometimes complex home market.

 

 

Find and click your neighborhood below to find the latest listings for these great Houston neighborhoods.
Afton Oaks / Highland Village
Bellaire
Briargrove
Briargrove Park / Walnut Bend
Camp Logan / Glen Cove
Cottage Grove
Downtown
EADO / Eastwood
East Washington / Sawyer Heights
Garden Oaks
Houston Heights
Knollwood / Woodside
Memorial West
Meyerland Area
Midtown
Montrose
Oak Forest East
Mangum Manor / Oak Forest West
Rice Military / Washington Corridor
River Oaks Shopping Area
Riverside Terrace
Shady Acres
Shepherd Plaza Park
Spring Branch
Timbergrove / Lazybrook
University Place and Museum Park
Westbury / Maplewood / Brays Oaks
West University / Southside
Willow Meadows / Willowbend

 

Norhill Realty and the MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Twelve-month totals may vary from actual end-of-year figures, due to individual changes to MLS records. This data is for informational purposes only and should not be the sole piece of data used in the evaluation of a buy or sell decision. Consult with one of our Realtors to evaluate any particular property so you can determine how the market relates to that property.