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Houston Housing Market Regains footing, despite slight setback in May

The Houston housing market regained footing, despite the decline in home sales in May, the Houston Association of Realtors reported.

According to the latest market report by HAR, an estimated 7,553 contracts closed in the month of June, a 4.5 percent increase year-over-year, driving inventory to a 2.9 month supply—a slight increase from last month, but lower than the 3.3-month supply of inventory from a year ago.

Single-family home prices increased 6.6 percent to $283,697 over June 2013, while the median home price increased 11.3 percent year-over-year to $214,000.

“June’s positive sales performance is a testament to the strength of the Houston housing market,” said HAR Chair Chaille Ralph. “We were thrilled to see home sales rebound after May’s decline and we hope that as new listings come onto the market and home construction continues, inventory levels will rise to a point where we can truly say that balance has been restored, ”stated Ralph.

Month-end sales totaled 4,611, while total dollar volume for properties increased 12.9 percent to $2.4 billion in comparison to $2.2 billion from a year ago. All housing segments saw gains in the month of June, with the exception of homes priced under $150,000, HAR reported.

All in all, positive gains were seen throughout the month of June in total dollar volume and average median pricing when compared year-over-year. A demand for housing should remain unchanged as new listings and new construction come onto the housing market.