Welcome to the June Market Update

Summer has been flying by! Can you believe we are already entering July? With the 4th of July right around the corner, we have the perfect event for you to attend along with the updated real estate market. Whether you're an agent, investor, buyer, and more, it's crucial to know all the facts when it comes down to the real estate market.

Not only that, but we also have all the information you need to keep up to date with what's going on in Houston! From activities, to news, business, and more! We find it a key factor to know what's going on around us when selling houses in the Houston area.

What's happening in Houston!

Now open! Artechouse showcases the future of creativity! With 26,000 sqft of groundbreaking exhibitions taking you through time and space. It's a must visit exhibit!

Info & photo via A rtechouse

The 4th of July is right around the corner! In need of plans? Come out to the NEW Thompson Hotel to experience unforgettable Houston view with fireworks, live music, food, and more!

I nfo & photo via H yatt Experiences

Quick Take:

Since January 2024, prices have climbed 10.6%, reaching an all-time high in May 2024. Similarly, the median list price per square foot hit an all-time high in April and again in May 2024. Affordability for homes has reached a record low.
In May, the average 30-year mortgage rate fell to 7.03%, dropping 0.19% from the 2024 high reached in April. The Fed has expressed hesitation around lowering rates due to higher-than-desired inflation. Currently, we expect rates to remain between 6% and 8% for the rest of 2024.
Sales fell 1.9% month over month, while inventory rose 9.0%. The combination of rising prices and high interest rates has continued to price more buyers out of the market, slowing sales.

Why choosing the right mortgage deal really matters

Every mortgage type offers different options, and which one a buyer chooses will impact their future finances.

The two main groups are fixed-rate and adjustable-rate mortgages (ARMs), which fall under the banner of conventional loans or those that the government doesn't back.

Houston Area Market Data

Median home prices rose year over year for single-family homes, condos, and high-rise condos

In Greater Houston, home prices haven’t been largely affected by rising mortgage rates, but prices have moved horizontally for the past two years for single-family homes and condos. High-rise condo prices tend to have the most month-to-month variability, but have definitely trended upward. Month over month, in May 2024, the median prices increased 1% for single-family homes and 3% for condos, but fell 11% for high-rise condos. Year over year, the median prices were up 1% for single-family homes, 6% for condos, and 37% for high-rise condos. Home prices are at or near record highs, so we could easily see new all-time highs in the summer months.

High mortgage rates soften both supply and demand, but home buyers and sellers seemed to tolerate rates above 6%. Now that rates are above 7%, sales could slow once again during the time of the year when sales tend to be at their highest. This phenomenon wouldn’t be great for the market, but it wouldn’t be terrible, either, as it may allow inventory to build further.

FEATURED Development

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That's it for this month! Make sure to check back every end of the month for a new CQ Brief update!