In June, Houston home sales soared into record territory for the second month in a row. Luxury and moderately priced properties have been seeing the largest growth.
Home buyers purchased over 8,400 single-family homes in June. That’s an 8.3% increase over the June of last year. It’s also the largest one-month sales volume ever, according to a recent report from the Houston Association of Realtors.
“June proved to be another phenomenal month for the Houston real estate market with buyers and renters sending volume and pricing into record territory,” says association chairwoman Cindy Hamann. “Between continued strong employment numbers and healthy housing inventory levels, we expect the market to remain vibrant.”
Inventory also rose in June to a 4.4-month supply. Data shows, that’s the highest in almost five years. The data, is based on sales handled through the Multiple Listing Service throughout Harris, Fort Bend and Montgomery counties and parts of Brazoria, Galveston, Waller and Wharton counties.
Townhomes and condos, saw sales edge up 1.2% with nearly 680 units selling at a median price of $171,000 (up 3.6%). Inventory in this sector also grew to a 4.3-month supply.
Demand for single-family rental properties also surged in June, with new leases topping out at 17.4%. Good news for renters, the average rent dropped 4 percent to $1,806 monthly.
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