The Houston housing market is still running strong but not at the record breaking pace that was seen in June according to the latest monthly MLS report from the Houston Association of REALTORS® (HAR). The market is still plagued by inventory constrains and concerns about affordability.
There was a 9.1% increase in single-family homes sold in July with 8,108 homes sold compared to 7,433 the year before. Overall, this year, home sales are 3.4% ahead of 2017’s record volume. The median price for single family homes increased nearly 6% to $243,500, and the average single family home price increased 2.4% to $305,910, both record highs for a July.
The strongest segment of the market consisted of homes priced in the $250,000 to $499,999 range, which leaped 21.0%. The luxury market, consisting of homes priced at $750,000 and above, increased 6.3%.
Houston Real Estate Highlights in July
- Single-family home sales rose 9.1% year-over-year, with 8,108 units sold
- Days on Market for single-family homes remained unchanged at 48 days
- Total property sales increased 8.5%, with 9,559 units sold
- Total dollar volume jumped 11.4% to nearly $2.8 billion
- The single-family home median price rose 5.9% to $243,500, reaching a July high
- The single-family home average price also achieved a July record, rising 2.4% to $305,910
- Single-family homes months of inventory was at a 4.2-months supply, down fractionally from 4.3 months last July, but nonetheless at the highest level since August 2017
- Townhome/condominium sales rose 6.1%, with the average price up 6.9% to $215,110 and the median price up 9.3% to $165,000
- Leases of single-family homes fell 1.9% with the average rent up 5.6% to $1,916
- Volume of townhome/condominium leases dropped 6.6% with the average rent up 7.7% to $1,666