Houston-area home sales fall for second straight month as affordability trumps availability

Houston, Texas — According to the Houston Association of Realtors’ June Market Update, June marked the second consecutive month of declines in home sales compared to 2023 levels. This slowdown in sales also coincided with an increase in the number of available homes, the report said.

The video above is from a previous report.

In numbers

According to HAR’s June Market Update:

• Single-family homes in the Houston metro area declined 11.6% from a year earlier, with the Houston Multiple Listing Service recording sales of 7,718 units in June compared to 8,729 units last June.

• The average price of a single-family home increased 0.8%, from $428,790 to $432,090 year-over-year.

• The total number of available properties increased by 33.8%, with 47,563 active listings in June compared to 35,556 listings last June.

RELATED: Houston home prices up 86% in 10 years, real estate report reveals

Also noteworthy

According to the report, all housing segments saw sales fall in June.

The monthly inventory of single-family homes increased to 4.3 from 3.0 last June. The monthly inventory estimates the number of months it will take to deplete the current active inventory based on sales activity over the previous 12 months, the report said.

• Sales of homes valued at more than $1 million fell 19.4% year-over-year from last June.

• Homes valued between $500,000 and $1 million saw the smallest decline in sales, down 5.8% year-over-year.

What they say

HAR President Thomas Mouton said consumers are taking a cautious approach because of high mortgage rates and higher prices.

“While homebuyers have more choices, affordability issues remain a major barrier,” Mouton said in the report. “Many consumers are taking a wait-and-see approach due to high mortgage rates and higher prices, and some are ultimately choosing to rent.”

This article comes from our partners ABC13 at Community Impact Newspapers.