After a brief uptick in home sales in several local zip codes last month, area markets saw the continuation of a months-long trend that has seen sales continue to decline both locally and throughout the Houston region, according to the most recent data from the Houston Association of Realtors.
The Acres Homes/Greater Inwood neighborhood (77091) and Woodland Heights/Northline (77009) were the only local markets to experience year-over-year growth in May home sales as the rest of the local zip codes saw downturns ranging from 9 percent to nearly 60 percent.
Home prices also continued to rise across the region, with each local market seeing at least a 4 percent year-over-year spike in May and all but one (77092) having risen at least 9 percent year-to-date.
For the fourth time in five months, the Garden Oaks/Oak Forest neighborhoods and surrounding areas saw a severe year-over-year downturn. There were 64 homes that came off the market here in May, down 19 percent from the 84 sales in the same month last year. Year to date, the 349 sales represent an 8.9 percent downturn from the same period in 2021.
An average buyer paid 4.7 percent more for a home ($619,092) compared to May 2021, while the median price rose 16 percent up to $507,500. So far in 2022, the average price has been 14.4 percent higher than last year ($590,402) while year-to-date median home price is up 13.3 percent to $470,000.
It was a second straight strong month for the zip code including Greater Inwood, Acres Homes and Independence Heights, with 24 homes sold in May – a 50 percent spike compared to the 16 sales during the same month last year. As a result, the area’s 130 home sales through May is nearly 21 percent ahead of last year’s pace – one of only two local zip codes to be outpacing last year’s mark.
On the pricing front, the average buyer paid 5.9 percent more ($312,350) than last May, while median home figures were up 10.5 percent to $319,900. Through the end of May, the average price is $306,134 (up 9.8 percent), while median home price has jumped 14 percent to $319,900.
The Central Northwest and Langwood/Kempwood areas had objectively the roughest sales month among local zip codes, seeing just 17 homes come off the market – a 57.5 percent downturn from the 40 sales in May 2021. Sales were down 9 percent to date in this zip code, with 141 homes sold compared to 155 sales through the same time period last year.
A 16.8 percent year-over-year average price spike here in May, up to $378,887, was the second-biggest jump among local zip codes, though its median price of $352,000 (up 9 percent) was the smallest jump in the area. Year-to-date, the average buyer has paid 1.3 percent more ($335,642), and the median price has seen a similar 1.6 percent uptick to $319,888.
In the Greater Heights, it was the fourth monthly year-over-year sales dip of the year, with last month’s 117 sales representing a 9.3 percent dip from the 129 sold in May 2021. This area is also lagging most behind its 2021 pace relative to the area, with a 10.1 percent dip (501 sales) compared to the same period last year.
Coupled with the dip in sales was the largest year-over-year average price spike in May, with the average buyer paying 18.6 percent more ($738,033) than last year. Median price also jumped 114 percent up to $615,000. The average price so far this year has been $671,238 (up 12 percent), while the year-to-date median home price is up 10.6 percent to $575,000.
The Woodland Heights/Northline area wasn’t a huge year-over-year-riser, but was also one of just two zip codes to have any increase, with 62 homes sold last month compared to 61 in May 2021. It is also slightly ahead of last year’s pace, with 267 homes coming off the market through the end of the month after seeing 264 sold in the same span last year.
Pricing-wise, average buyers saw a 14.7 percent year-over-year uptick to $616,275, while median prices were up 24.6 percent – the largest jump in the area – to $604,500. Year to date, buyers are paying 15.6 percent more for a home here ($559,930) than 2021. Median price to date is up nearly 7 percent to $470,000.
On the southern edge of the area, Washington Avenue and Rice Military experienced a 22.8 percent year-over-year dip after seeing 88 homes sold here last month. As a result, the area is now lagging behind last year’s pace by a margin of 1.4 percent, having seen 428 sales compared to 434 in the same time period in 2021.
On a pricing front, year-over-year average home price was up 7.3 percent to $652,075, and the median home prices saw a 12.9 percent rise to $529,700. Year to date, the average home price in the area rose 8.7 percent to $628,074, while median figures have spiked 13.4 percent up to $516,000.
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