Home sales across Houston showed resilience as we closed out the Spring selling season and entered these hotter summer months. Despite the slower 2023, the market has started to exhibit positive signs, with pending home sales surpassing 2022 numbers.
In the June 2023 Market Update from the Houston Association of Realtors (HAR), single-family home sales showed a 12.8% decrease year-over-year, with 8,582 units sold compared to 9,845 in June 2022. When compared to June 2019, before the pandemic hit, home sales experienced a positive growth of 3.9 percent. Furthermore, Homes priced over $1M saw their first gain in months, climbing nearly six percent in June.
Single Family Home prices remained pretty quiet in June. The average home price dipped by 0.5% to $431,092, while the median price fell by 2.5% to $345,000. That keeps pricing below the record highs of $438,350 (average) in May 2022 and $354,000 (median) in June 2022.
According to HAR, total active listings, or the total number of available properties, increased 28.2 percent to 36,341. June sales of all property types totaled 10,382 down 13.7 percent compared to June 2022. As a result, the absorption rate for June 2023 was 28 percent. When compared to Junes over the past 10 years, this is a pretty healthy absorption level, which should continue to help stabilize prices.
Compared to last month, listings moved a little more quickly for home sellers. The Days on Market (DOM), or the number of days it took the average home to sell, fell to 45 days in May, down from 63 days in February. This should make most home seller’s pretty happy.
Inventory levels rose in May, reaching a 3.1-months supply, which is the greatest months supply since June 2020 when it was 3.0 months. Housing inventory nationally stands at 3-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply is widely regarded as a “balanced market” in which neither the buyer nor the seller has an advantage.
Despite a pretty anemic real estate market for over a year, home prices in Houston have remained pretty resilient. Home buyers are still pretty active in the market relative to pre-pandemic markets and homes are still selling pretty quickly. In many neighborhoods across the market, low inventory levels have even pushed home prices to increase year-over-year. Mortgage rates will continue to have a major impact on buyer demand. Recent inflation news has been positive. If that trend continues, we could be looking forward to a very active fall selling season.
Whether the market is booming or slow, be prepared. Make sure you have the information you need to make an informed decision on when to start house hunting or listing your home. Contacting a Norhill Realtor is a good place to start. Get connected with one of our experienced agents who can talk you through the market in the neighborhoods you care about as well as discuss the timing for either selling or buying.
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