HOUSTON — (June 19, 2012) — Houston home shoppers went on a buying spree in May, sending sales volume and pricing through the roof and accounting for the 12th consecutive month of positive sales. Average and median prices broke records while volume of sales reached the highest level since June 2008. Local housing inventory is now at its lowest level in more than five years.
May sales of single-family homes soared 23.8 percent versus one year earlier. That marks the biggest monthly increase since last August.
"Both buyers and sellers are reaping the benefits of an extremely healthy and robust real estate climate in Houston, driven largely by continued job gains that have been responsible for drawing many new consumers to this market," said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. "Buyers are able to take advantage of the lowest interest rates in history as they shop for homes, and we're also hearing accounts of sellers receiving the asking price for their homes, and in some cases getting even more."
Strong sales activity among homes from $250,000 and up pushed average and median pricing to historic levels. The May single-family home average price rose 8.5 percent year-over-year to $237,083, the highest level ever in Houston. The median price—the figure at which half of the homes sold for more and half sold for less—rose 7.1 percent to $168,000, which is also a record high.
Foreclosure property sales reported in the Multiple Listing Service (MLS) increased 6.6 percent year-over-year in May. Foreclosures comprised 17.8 percent of all property sales, a share that has steadily declined each month since the 27.8 percent level recorded in January. The median price of May foreclosures rose 4.1 percent to $82,000.
May sales of all property types in Houston totaled 7,327, an increase of 24.2 percent compared to May 2011. Total dollar volume for properties sold during the month leapt 35.4 percent to $1.6 billion versus $1.2 billion a year earlier.
CATEGORIES | MAY 2011 | MAY 2012 | PERCENT CHANGE |
Total property sales | 5,897 | 7,327 | 24.2% |
Total dollar volume | $1,229,844,132 | $1,665,598,469 | 35.4% |
Total active listings | 51,652 | 42,280 | -18.1% |
Total pending sales | 4,049 | 4,476 | 10.5% |
Single-family home sales | 4,997 | 6,185 | 23.8% |
Single-family average sales price | $218,595 | $237,083 | 8.5% |
Single-family median sales price | $156,800 | $168,000 | 7.1% |
Months inventory* | 7.9 | 5.5 | -30.6% |
- $1 - $79,999: increased 3.0 percent
- $80,000 - $149,999: increased 16.3 percent
- $150,000 - $249,999: increased 28.8 percent
- $250,000 - $499,999: increased 34.0 percent
- $500,000 - $1 million and above: increased 42.3 percent
- Volume of single-family home sales jumped 23.8 percent, marking the greatest monthly increase since August 2011 and accounting for the market's 12th consecutive monthly increase;
- At $237,083, the single-family home average price reached an historic high for Houston;
- At $168,000, the single-family home median price also hit the highest level ever seen in Houston;
- Sales of townhouses/condominiums soared 31.0 percent and the average price achieved a record high of $186,472;
- Single-family home rentals rose 15.5 percent while rentals among townhouses/condominiums increased 1.3 percent;
- 5.5 months inventory of single-family homes remains at the lowest level in more than five years and compares favorably to the national average of 6.6 months.
Source Houston Chronicle
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