Houston’s median home price hit a new record in June, according to a new report by the Houston Association of Realtors. The record-breaking median price of $230,538 means that half the homes sold cost more and half cost less, in case your high school statistics is a bit rusty. Median price is considered a more useful number in the housing market than the average price.
A whopping 7,697 home sales closed in June, most of them in the $150,000-500,000 price range. There is currently a months supply rate of 3.7, up from 3.2 months supply last June. This is still considerably lower than the national average of 4.7 months supply, meaning homes generally sell faster in Houston than in other parts of the country. Since the same time last year, sales volume of single family homes is flat, but with the higher median price and high inventory, these signs point to market sustainability. The average Days on Market in June was 51 for single family homes in the month of June.
What does this mean for you, as a current or future homeowner? The market has slowed down a bit from it’s heyday, but is currently in a very comfortable and more sustainable position, especially in comparison to housing markets in other parts of the United States. Higher prices are good for sellers, while greater supply is beneficial for buyers. Things are looking pretty good in the Houston housing market right now, no matter where you’re standing!
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Source: Houston Association of Realtors