The Summer rush continued across the city of Houston in June. Sales volume and Inventory levels both hit record highs for the area.
According to the Houston Association of Realtors, the luxury home market experienced the 8th consecutive month of rising sales. June sales for homes priced over $750K rose 13% over the same period last year.
Across all market segments, average home prices in the Houston real estate market climbed 3.05 percent to $313,800 year over year ending in June 2017. The median home prices increased 7.5 percent between June 2016 and June 2017, to $215,000.
According to the Houston Association of Realtors, the 43,326 active listings in June 2017 represented a 16.4 percent increase over June 2016. Pending listings increased to 8,414, a 8.3 percent increase over June 2016. Actual sales of properties rose 18.3% to 9.993 over that same period.
Days on Market , or the number of days it took the average home to sell, fell slightly to 50 days versus 53 last year. Inventory rose from a 3.9-months supply to 4.4 months, matching a level last seen in October 2012.
Rising inventory levels are starting to present some good opportunities for home buyers. Higher Inventory levels offer more options for home shoppers in some neighborhoods and helping to keep prices in check.