Houston Home Sales Up 5.4% in May
Home sales rose more than 5.4% in May with pending sales rocketing up 19.8%. With a more affordable median home price than Dallas or Austin, Houston may weather the trend of declining home prices better than most major Texas metros. Speaking of, the average sales price declined by 0.7 percent to $438,230 while the median price declined 1.2 percent to $339,425.
Active listings for single-family homes reached 37,455 in May, which is up 35.0 percent compared to last May. This volume represents the highest level of active listings since September 2007, when 37,500 units were on the market.
Available homes for sale also rose, up to a 5.2-months supply compared to 3.9 months of supply last May. This marks the highest level since July 2012. Nationwide, the average is 4.4 months of supply according to the National Association of Realtors.
Home sales in the Houston area performed as follows by specific price categories:
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- $1 – $99,999: increased 23.8 percent
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- $100,000 – $149,999: increased 18.6 percent
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- $150,000 – $249,999: increased 12.0 percent
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- $250,000 – $499,999: increased 5.7 percent
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- $500,000 – $999,999: increased 0.2 percent
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- $1M and above: increased 6.3 percent
