The real estate market was almost as hot as the weather this June, with new records reached in sales volume and home prices. So far 2017 is on track to be a record year for Houston real estate. The luxury market in particular is booming- June marked the eighth consecutive month of rising sales for homes over $750,000.
A whopping 8,414 single family homes sold in June, an 8.3% increase of last June’s sales numbers, and an all-time record for volume of homes sold in a single month in Houston. Months supply reached 4.4 months, the highest rate the city has seen in five years.
The single-family home median price climbed 2.6% in June, up to $239,023. The average price of homes sold was $304,155, an increase of 1.5%. Both of these figures are all-time highs. The average listing remains on the market for 50 days, compared to 53 days last year.
The upward trend of volume and sales prices continues in all segments of the market with the exception of homes under $149,000, presumably because there are so few properties listed in that price range anymore. The market is on fire, with no signs of slowing down anytime soon.
What does this mean for you? If you’re planning to sell, homes are moving fast, despite a slight increase in inventory. If you’re hoping to buy, prices are on the rise, so the longer you wait, the more you will likely pay for your dream home.
Any questions? No worries. Call us to chat about anything real estate: 713-862-1101.