June was another record breaking month for the Houston real estate market! The city saw its highest ever single-month sales volume as well as a record high median price.
Total Homes Sold
A total of 8,518 single family homes sold in June, an increase of 1.8% compared to the previous record of 8,367 set in June 2017. The median price rose 2.6% to $245,000 and the average climbed to $316,463, an increase of 4.3%. These increases are largely due to strong performance in the luxury market (homes over $750,000) which brought up the average of the market as a whole. The luxury market jumped 18.4% from June 2017 to June 2018!
Listings Galore
In addition to the 8,518 single-family homes sold in June, there were another 8,396 pending sales, an increase of 10.2% over last year. There are currently 40,198 active property listings, so no matter what you’re looking for, it is out there!
Average Time on the Market
The average home sold in June remained on the market for 48 days, down from 50. Months supply held relatively steady at 4.1 months, on par with the national average. The market segments with the strongest performance in June were the $250,000-499,000 and $750,000+ price ranges, with sales increases of 18 and 18.4%, respectively.
All in all, June was a month of strong and steady performance and illustrates a continued growth trend. It is a good time to be a Houston home owner!
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