HOUSTON — The average cost of a home in Houston just keeps climbing with a new record high of $443,970 in May. That's up 3.6% compared to May 2023, according to the Houston Association of Realtors (HAR).
The median price increased 1.5% to $345,000.
With the combination of record-high prices and high interest rates, a lot of first-time buyers are struggling to afford a home in today's market.
Even so, HAR reports strong activity and persistent consumer demand, which is helping drive record-breaking prices.
The high end of the market in Houston saw the strongest performance in May, according to HAR. Sales in the luxury segment of $1M+ homes climbed 9.6%.
Sales of homes priced between $500,000 and $1 million rose 6.8% year-over-year.
All other housing segments experienced a slowdown in sales last month, which HAR attributed partially to delays in closings caused by the May 16 derecho storm.