Houston single-family home sales are up 20% for the year

According to statistics derived from the Houston Association of Realtors® Real Estate Information Services™, single-family home sales are up 20% for the year.  August saw a 16% increase in home sales year over year.  A healthy sales month, August produced 7,504 home sales.  Dollar volume for August was also very healthy – a 35% increase or $1,955,594,928 in closed transactions.
August sales helped boost year-to-date home sales to 50,521 and average sales price to $248,607 – an 11% increase over 2012 during the same time frame. These sales are driven by one major factor – job growth.  Houston employment is the highest it has ever been in the history of the city!
Here’s a glance at the trends for the month and year-to-date:

Houston Real Estate Information Services —August 2013 & August YTD 2013

  Metric

 August 2013

% changefrom 2012

 August YTD 2012

% change  from 2012

 # of sales

7,504

16%

50,521

20%

 Dollar volume

$1,955,594,928

35%

$12,559,883,640

33%

 Avg. sales price

$260,607

16%

$248,507

11%

 Med. sales price

$186,200

13%

$180,000

10%

 Contracts written

3,492

-1%

28,637

8%

 # active listings

19,344

-21%

18,978

-26%

The average days on market to sell a home in Houston has declined, even since last month and currently stands at 62 days, a much shorter time to sell, representing a 22% decline from last year.

Houston Home Sales by Price Class

What price ranges sold the most in Houston and how have they changed?  Every price class from $100,000 and up is selling more homes than last year. An even more spectacular record is that every price class from $110,000 and up experienced double-digit increases. The top five highest percentage increases YTD by price class are:

  1. $400,000 – $499,999 – up 50%
  2. $900,000 – $999,999 – up 48%
  3. $1,000,000 & up        - up 47%
  4. $500,000 – $599,999 – up 46%
  5. $300,000 – $399,999 – up 45%

Top Ten Selling Price Classe —Houston Single-Family Real Estate—August YTD 2013

Price Class

Sales Year to Date

ActiveListings

Months of Inventory

1. $200,000-$249,999

5,854

1,948

2.9

2  $300,000-$399,999

5,218

2,189

3.7

3. $250,000-$299,999

4,475

1,602

3.1

4. $400,000-$499,999

2,674

1,311

4.5

5. $130,000-$139,999

2,348

764

2.8

6. $150,000-$159,999

2,318

642

2.4

7. $120,000-$129,999

2,271

774

2.8

8. $140,000-$149,999

2,261

766

2.9

9. $160,000-$169,999

2,197

756

3.0

10.$110,000-$119,999

2,095

675

2.7

As you can see in the above table, Months of Inventory in the Top Ten Selling Price Classes indicate that every price class is in a very strong sellers’ market.  Months of Inventory [MOI] indicates how long it would take to sell a home in a specific price class given the current rate of sales and assuming that no new inventory comes on the market.  Anything below 6 months is considered a sellers’ market and anything above 6 months is considered a buyers’ market.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries.  Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area, CLICK HERE.

To see the hottest selling geographical areas in Houston, CLICK HERE.

To search for homes by price range and map, CLICK HERE.

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