The Houston real estate market set new records in 2018 despite uncertainty across the region when the year began, with many survivors of Hurricane Harvey still rebuilding their homes and lives. Single-family home sales for the full year surpassed 2017’s record volume by nearly four percent. However, as 2019 gets underway, housing inventory remains constrained – still sitting below its more balanced pre-Harvey levels.
In a display of textbook seasonality, with the holidays sending consumers into their annual retail frenzy, Houston home sales slowed slightly in November. However, it was not enough to knock the real estate market off its record-setting pace.
After a down month in September, directly influenced by the surge in post-Hurricane Harvey home sales exactly one year earlier, the Houston real estate market returned to more normalized conditions in October with gains in both sales volume and pricing
After a sizzling summer of home sales and rentals, the Houston housing market cooled in September, showing no apparent lingering effects of Hurricane Harvey as it did in August.
Thousands of people are still haunted by Hurricane Harvey’s devastating effects as they continue to rebuild their homes and lives. Even now, the storm is affecting the way housing numbers compare August 2018 to August 2017. The traditional year-over-year measurements that the Houston Association of Realtors® (HAR) uses to track market trends have been thrown out of whack because Harvey halted most real estate activity across the greater Houston market during the final week of August 2017 and beyond.
Houston home sales showed no let-up in July, but the pace was not enough to rival the record-setting volume and pricing set in June. Inventory remained constrained at a 4.2-months supply, and the lease market saw waning consumer interest.
Neither scorching temperatures nor vacation plans could stop homebuyers from pushing the Houston real estate market into record territory in June, as they generated the greatest one-month sales volume of all time and sent average and median prices to new highs. Single-family home rentals were also in strong demand.
The greater Houston real estate market remained in positive territory in May with a one percent rise in home sales and new record highs for both average and median prices. However, consumers showed waning interest in renting single-family homes and townhomes/condominiums.
According to the latest monthly report from the Houston Association of REALTORS® (HAR), 8,157 single-family homes sold in May versus 8,078 a year earlier. That represents a 1.0 percent increase and marks the second greatest one-month sales volume in history.