The Houston real estate market continued to roll in May. Homes sales were up and both average and median home prices hit new record highs. With the national economy thriving and Oil prices back up over $60 per barrel, it looks like the good time going into the hot summer month.
According to the latest report from the Houston Association of Realtors (HAR), single-family home sales in May 2018 increased .6 percent compared to May 2017. For the fourth straight month, the best-performing segment of the market consisted of homes priced in the $500,000 to $749,999 range, which jumped 10.3 percent
Single family home prices reached the highest level of all time. The single-family home median price rose 3.4 percent to $243,000. The average price rose to 1.3 percent to $305,511.
According to the Houston Association of Realtors, the 39,478 active listings in May 2018 represented a 1.4 percent drop from May 2017. Month-end pending sales for single-family homes totaled 8,991, a 12.1 percent increase over last year.
Days on Market, or the number of days it took the average home to sell, edged up from 51 to 52 days.
Inventory held steady at a 4.0-months supply which is its highest level since August 2017 and is the same as the current national inventory level, so home buyers have a few more options that they have had over the past several years.
If you oil prices continue at present levels and the national economy shows continued strength, the rest of the summer could present a great opportunity for many Houston Home sellers.