The Numbers Are In: May HAR Report

May was another big month for the Houston real estate market, outpacing May 2016 in terms of sales and months supple. The luxury market (homes over $750,000) saw the greater increase, making May the seventh month in a row to show rising sales in the luxury bracket.

A grand total of 8,156 single-family homes sold in May, compared to 7,315 in May 2016, for an increase of 11.5%. Months supply increased to 4.1 months, the highest supply in almost five years, and good news for choosy buyers. Demand has been growing steadily, and an increase in inventory to accommodate this greater demand is a good sign of a balanced market. In fact, according to HAR Chair Cindy Hamann of Heritage Texas Properties, 2017 is a year on pace to set records, if market trends continue at this pace.

The single-family home median price in May was $235,000, an increase of 4.4%, and set a new record highest median price of all time. The average price was $302,362, the second highest recorded average. Both of these new good news for sellers! All in all, total dollar volume of properties sold in May reached 2.8 billion, an increase of 17.4%

Another great month of record-breaking sales! What do these numbers mean for you? Buyers will benefit from increased supply, and an expectation of future rising home values, while sellers will be pleased by good selling prices. We’re excited to see what new developments June will bring.

Source of content: HAR