Wednesday, July 10, 2019

Houston Real Estate in June: Sales down 5% YoY, Inventory Up 11%

by Calculated Risk on 7/10/2019 12:27:00 PM

From the HAR: Houston Home Sales Fall Shy of Last June's Record, But Continue to Outpace 2018

Despite continued strength in the Houston real estate market fueled by more robust inventory and low interest rates, June home sales could not match the historic levels of a year earlier, in June of 2018. According to the latest monthly report from the Houston Association of REALTORS® (HAR), single-family home sales were down 3.4 percent. However, on a year-to-date basis, sales are still outpacing 2018’s record volume.

June marked the first month of 2019 with declining single-family home sales, due to the record-breaking levels of one year earlier. Realtors sold a total of 8,097 units versus 8,385 a year earlier. That translates to a 3.4 percent decline. On a year-to-date basis, however, single-family home sales are running 1.4 percent ahead of 2018’s record pace.
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June sales of all property types totaled 9,461. That is down 5.1 percent compared to the same month last year. Total dollar volume for the month declined 3.1 percent to $2.9 billion.

“We knew it would be difficult to top last June’s record-breaking sales volume, but the Houston real estate market remains strong and now offers prospective buyers an even greater selection of housing than they’ve had in some time,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties. “Consumers also continue to show interest in rental properties, which had another impressive performance in June.
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Total active listings, or the total number of available properties, climbed 11.0 percent to 45,262. ...
emphasis added
Still on pace for record sales in Houston.