Average price of single-family homes in Houston hits record high in May

The average price of single-family homes in Houston reached a record high of $443,970 in May, according to the May market update released June 12 by the Houston Association of Realtors.

In numbers

According to HAR’s May Market Update:

• The average price of single-family homes in May of this year surpassed the previous record of $438,350 from May 2022.
• The average house price is up 3.6% year-on-year.
• The median home price increased 1.5% to $345,000 year-over-year.

Also note

Despite severe weather and power outages, the number of active listings in Houston is up 46.8% since last May, with 28,481 active listings, the highest since April 2020, according to market update . In addition:

• New registrations in May saw an increase of 21.6% compared to last May, from 12,568 to 15,280.
• Sales of homes worth $1 million or more increased 9.6%.
• Single-family home closings decreased 1.5% year-over-year, from 8,664 to 8,538.
• Severe weather and power outages in May led to a 5.4% decrease in property viewings, from 191,392 to 180,974.

What they say

HAR President Thomas Mouton said in the news release that Houston’s real estate market has demonstrated “once again” its ability to adapt.

“While weather disruptions may have impacted some sales, activity remained strong with an increase in available listings and continued buyer interest,” Mouton said in a statement. “We are starting to see a more balanced market pace, benefiting both buyers with more options and sellers with sustained demand.”