Houston Real Estate Highlights in July

[Jhoana Olarte]

Houston Real Estate Highlights in July

• Single-family home sales jumped 11.6 percent year-over-year, with 8,953 units sold – the greatest one-month sales volume of all time;
• On a year-to-date basis, single-family home sales are running 3.0 percent ahead of 2018’s record pace;
• Days on Market (DOM) for single-family homes edged up from 48 to 50 days;
• Total property sales rose 10.9 percent, with 10,478 units sold – the greatest one-month total property sales volume ever and only the second time in Houston real estate history that the total has surpassed 10,000.
• Total dollar volume increased 12.8 percent to $3.1 billion;
• The single-family home median price rose 2.2 percent to $250,000, achieving a July high;
• The single-family home average price was up 2.2 percent to $312,727 – also a record high for a July;
• Single-family homes months of inventory reached a 4.3-months supply, up from 4.1 months last July and just slightly below the 4.4-months supply reached in June. For comparison, the national housing inventory is at a 4.4-months supply, according to NAR;
• Townhome/condominium sales rebounded from two consecutive down months, with 697 units sold, tying a record set in June 2018. The average price slid 5.9 percent to $202,853 and the median price fell 1.8 percent to $163,000;
• Single-family home rentals shot up 16.3 percent with the average rent unchanged at $1,903;
• Volume of townhome/condominium leases climbed 13.0 percent with the average rent also unchanged at $1,653.