Bob Gilbert's Katy Blog: Greater Houston Area Market Report August 2016 Single Family Homes

Greater Houston Area Market Report August 2016 Single Family Homes

Greater Houston Area Market Report August 2016 Single Family Homes

 

I have provided below the Houston Association of Realtors (HAR) recent press release concerning August 2016 MLS report for Single Family Homes. The month of August indicated a turnaround from July as sales jumped up by 8% increase as there was a larger number of buyers entering the market. Year to Date Sales surged and are now showing an increase of 2% over 2015. Keep in mind this report covers a huge geographic area being the City of Houston and very large surrounding areas. Specific segments of the market are not enjoying this type of sales increase with one being South Katy or MLS area 36 especially in the higher priced homes listed at $500,000 or more.  

 

These statistics are overall market numbers which provide general market trends Each home needs to be evaluated on its own merits based on its location, condition and several other critical factors.  




MLS Report for August 2016

Houston Home Sales See August Rebound

 

A healthier supply of inventory helps meet strong buyer demand; sales volume reaches historic high

 

HOUSTON — (September 14, 2016) — After a down month in July, Houston single-family home sales roared back in August with an 8.2 percent year-over-year increase that was fueled by a growing supply of inventory for buyers. August also marked the highest one-month single-family home sales volume of all time, and the first time in a year that homes priced above $500,000 experienced a sales gain. In fact, only homes priced below $150,000 saw sales volume decline.

According to the latest monthly report prepared by the Houston Association of Realtors (HAR), a total of 7,914 homes sold in August. That is the greatest one-month volume since July 2015, when 7,898 homes sold. On a year-to-date basis, home sales are up 1.5 percent compared to this point in 2015.

Inventory levels rose from a 3.5-months supply to 4.0 months.

"August proved to be a strong month for the Houston real estate market, which was welcome news after the slowdown in July," said HAR Chairman Mario Arriaga with First Group. "It’s possible that summer vacations meant consumers put home buying on the back burner in July, but whatever the cause, home sales appear to once again be moving at a healthy pace."

The single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 4.2 percent to $225,000. That is the highest median price ever for an August. The average price climbed 2.4 percent to $289,519, which is also an August record high.

August sales of all property types in Houston totaled 9,319, up 7.1 percent from the same month last year. Total dollar volume for properties sold in August surged 10.6 percent to $2.6 billion

August Monthly Market Comparison

Single Family Homes Update

Houston's monthly housing market indicators were positive across the board compared to August 2015. On a year-over-year basis, single-family homes sales, total property sales and total dollar volume all rose while both the median and average home prices climbed to record August highs. August also marked the greatest one-month single-family home sales volume of all time.

Month-end pending sales for single-family homes totaled 7,359, an increase of 10.1 percent compared to last year. Total active listings, or the total number of available properties, at the end of August rose 12.4 percent from August 2015 to 38,056.

Single-family homes inventory jumped from a 3.5-months supply to 4.0 months. For perspective, housing inventory across the U.S. currently stands at a 4.7-months supply, according to the latest report from the National Association of Realtors (NAR).

Monthly Comparison Table with Chart

CATEGORIES

AUGUST 2015

AUGUST 2016

CHANGE

Total property sales

8,699

9,319

7.1%

Total dollar volume

$2,321,458,169

$2,567,194,524

10.6%

Total active listings

33,856

38,056

12.4%

Single-family home sales

7,314

7,914

8.2%

Single-family average sales price

$282,613

$289,519

2.4%

Single-family median sales price

$216,000

$225,000

4.2%

Single-family month’s inventory*

3.5

4.0

14.7%

Single-family pending sales**

6,685

7,359

10.1%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

 

Single Family Homes Update

Single-Family Homes Update




Single-family home sales totaled 7,914, up 8.2 percent from August 2015. That represents the highest one-month sales volume of all time.

The median price rose 4.2 percent to an August high of $225,000. The average price climbed 2.4 percent to $289,519, also a record high for an August. Days on Market (DOM), or the number of days it took the average home to sell, edged up to 50 days versus 45 last year.

Broken out by housing segment, August sales performed as follows:

$1 - $79,999: decreased 32.5 percent

$80,000 - $149,999: decreased 10.0 percent

$150,000 - $249,999: increased 13.5 percent

$250,000 - $499,999: increased 12.7 percent

$500,000 and above: increased 5.8 percent




HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 6,815 in August, up 8.2 percent versus the same month last year. The average sales price rose 3.4 percent to $272,720 while the median sales price increased 5.0 percent to $210,000.

 

© 2016 Bob Gilbert Real Estate

 

Accredited Luxury Home Specialist

 

Note: Katy TX is about 25 -30 miles due West of downtown Houston TX.

 

If you have any questions about Katy Homes for Sale or Katy Homes for Rent in the Katy Texas and/or Sugar Land TX, and/or Cypress TX and/or other surrounding areas, contact me via my cell: 281-904-6772 or via Email:

 

 

 bobgilbert2003@msn.com or bob@bobgilbert.com

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Comment balloon 9 commentsRobert Bob Gilbert • September 19 2016 12:10PM

Comments

Bob,

You are so fortunate to be part of a great organization like HAR, and the report is great.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) about 2 years ago

Thank you very much for sharing some of your real estate market conditions.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 2 years ago

Bob

The greater Houston area Texas  single family home market sales year to date have increased over 2015.

Good luck and success.

Lou Ludwig

Posted by Lou Ludwig, Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC (Ludwig & Associates) about 2 years ago

Hi Bob, excellent Houston Area Market Report. It all looks like good news and very useful for your clients.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) about 2 years ago

Hi, Bob...this is great market information for the Katy, TX area. Both buyers and sellers will find this information useful. 

Posted by Debbie Laity, Your Real Estate Resource for Delta County, CO (Cedaredge Land Company) about 2 years ago

Hi Bob.  Thanks for keeping us informed about the Houston real estate market.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 2 years ago

What a positive market report and glad things are going so well, Bob.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) about 2 years ago

Looks like your Sales, Pending, and even Inventory is up in the Greater Houston Area, Bob!  That's encouraging!

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) about 2 years ago

Thank you all for your comments. I have to say I am surprised the Houston market is holding up so well with all the layoffs occurring in the energy industry. 

Posted by Robert Bob Gilbert, Your Katy TX ( West of Houston) Real Estate Expert (Berkshire Hathaway HomeServices Anderson Properties) about 2 years ago

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