July was HOT for single family sales in Houston according to the latest monthly MLS report released by the Houston Association of Realtors®. July single-family home sales jumped 11.6% for a total of 8,953 homes sold and exceeds June 2018’s record of 8,385 homes sold in a single month. Low mortgage interest rates and a steady growth in inventory is likely the reason for such a solid performance.
The median price of a single-family home increased 2.2% to $250,000 and the average price increased 2.2% to $312,727, both record highs for a July. Housing inventory increased 0.2 months to a 4.3-months supply compared to a 4.1-months supply last July. Sales of all property types jumped 10.9%, setting a new record with a total of 10,478 units. Total dollar volume increased 12.8% to $3.1 billion. Pending sales of single-family homes leaped 19.0% to 9,207 pending sales. Total active listings increased 9.6% to 45,498 listings. Days on Market increased by 2 days to 50 compared to 48 the year before.
Lease Property Update
Single-family home rentals jumped 16.3% and townhome and condominium rentals leaped 13.0%. The average rent for single-family homes remained flat at $1,903. Similarly, the average rent for townhomes and condominiums was also remained unchanged at $1,653.
Townhouse and condominium sales saw a strong turnaround in July with a 15.8% increase in sales, with 697 units sold. This ties the June 2018 record for most townhouses/condos sold. The average price decreased 5.9% to $202,853 while the median price declined 1.8% to $163,000. Inventory grew 0.5 months to a 4.7 months supply.