via HAR

Houston home sales slowed for the second month in a row in June, according to the latest Market Update from the Houston Association of REALTORS® (HAR).

Single-family home sales fell 11.6% year over year, with 7,718 units sold compared to 8,729 in June 2023. Home-sale declines were most drastic in the luxury segment: Sales among homes priced $1 million and up dropped 19.4% year over year.

Months of supply rose from three to 4.3, the highest recorded supply in over a decade. Meanwhile, the average price rose 0.8% annually to $432,090, while the median rose 0.7% to $345,000.

“While there are more options available for homebuyers, affordability concerns continue to be a major hurdle,” HAR Chair Thomas Mouton said in the report. “Many consumers are taking a wait-and-see approach due to elevated mortgage rates and higher prices, and some are ultimately choosing to rent.”

Townhome and condominium sales also declined 19.9% in June, with 506 closed sales compared to 632 a year prior. The average price rose 7.8% to $271,356, while the median rose 12.1% to $241,000. Townhome and condo inventory also rose to a five-month supply, the highest amount recorded since September 2012.