Houston’s housing market started off the summer with new highs in its median home price and solid buying activity among its mid-range housing in June, according to the latest monthly report by the Houston Association of Realtors.
New listings entered the market in June, and while sales volume was unchanged from last year, most of the homes consumers purchased were priced between $150,000 and $500,000.
A total of 7,696 home sold in June, slightly less than last year’s 7,710. That being said, on a year-to-date basis, home sales rose 2.7% versus June 2015.
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Inventory levels also increase from its current supply of 3.2 months to 3.7 months.
"We continued to see solid buying activity among middle-range housing in June,” said HAR Chairman Mario Arriaga with First Group. “Even though sales overall leveled off compared to last June, volume is up for the year, and we anticipate a sufficient supply of inventory and low interest rates to draw more homebuyers into the market in the weeks ahead."
In states where the economy is more reliant on the volatile energy sector such as North Dakota, Oklahoma and Texas, credit delinquencies rose, pulling the national average up with them, according according to TransUnion’s Q1 2016 Industry Insights Report. The delinquencies do not seem to be taking an effect on the housing market.
The single-family home median price, the figure at which half of the homes sold for more and half sold for less, rose 2.5% to an all-time high of $230,538 in June. The average price, on the other hand, declined slightly by 0.8% to $300,178, the second highest all-time level.
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Home prices continue to increase nationwide, hitting new highs in several large housing markets in April, according to S&P Dow Jones Indices Case-Shiller Home Prices Indices released in June.