Home listings and asking prices are up in the country’s top homebuilding market, according to the Houston Association of Realtors.
The nine-county Houston metro area had 39,004 active single-family home listings in June, which was 30 percent more than the previous year. New listings in June were up 13.2 percent year over year. The average list price jumped 5.4 percent in the same period, reaching almost $470,000 last month.
Nationally, new listings dropped 0.7 percent year over year between June 2 and June 29, according to Redfin.
The increase in active listings follows a record-setting May, when the Houston area attained the highest volume of active listings since September 2007 with 37,455 single-family homes listed.
Houston’s building permit rush led the nation this spring. Almost 13,000 permits were issued in Houston-Pasadena-The Woodlands between January and March, a 5.5 percent year-to-date increase, according to Texas A&M’s Texas Real Estate Research Center.
Houston also has the highest rate of home price appreciation of any major metro in Texas. TREC clocked Houston’s year-over-year price increase at 2.4 percent in March, while Texas home prices overall rose by 1 percent.
Even though listing prices continue to rise in Houston, data suggests that the metro area is becoming a buyer’s market. Houston had the lowest sale-to-list ratio among top U.S. metros between March and June.
The rental market is growing in Houston as well, though the average asking rent increased slower than the average listing price of a single-family home. Just over 9,000 homes were available to rent in June, a year-over-year increase of 21.8 percent. The average listing price for a rental home rose 0.9 percent year over year to $2,401 per month.
Top residential developers in Houston include the local Camillo Companies and the Arlington-based D.R. Horton, two of the largest landowners in the area.
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