July has been a good month for the Houston real estate market. Although it did not beat June 2018’s record-number sales, it did beat last July in almost all areas.
A Quick Look
A total of 8,108 single-family homes were sold in July compared to last July’s 7,433, a 9.1 percent increase. Overall, 2018 home sales have risen 3.4 percent so far compared to last year. The median price of single-family homes has jumped to 5.4 percent while the average has increased to 2.4 percent. The luxury home market (homes that are $750,000 and above) has seen an increase in sales by 6.3 percent. However, homes that range from $250,000 to $499,999 left the luxury home market in the dust with a whopping 21 percent increase in sales compared to last July.
The only area that saw a decrease was single-family homes inventory. The inventory dropped from 4.3-months supply last year to 4.2-months supply this year. The average across the U.S. is 4.3-months supply, so Houston’s supply is a little below that. Also, Days on Market (DOM) for single-family homes remain at 48 days on average.
Taken from HAR.com, here are the July sales performances in each housing segment:
- $1 – $99,999: decreased 12.2 percent
- $100,000 – $149,999: decreased by 22.2 percent
- $150,000 – $249,999: increased by 9.5 percent
- $250,000 – $499,999: increased by 21.0 percent
- $500,000 – $749,999: increased by 15.1 percent
- $750,000 and above: increased by 6.3 percent
According to HAR Chair Kenya Burrell-VanWormer, the Houston housing market is “…one of the most vibrant in the U.S.” because of the healthy job market.