JULY HOME SALES ACROSS HOUSTON REACH RECORD TERRITORY

[Jhoana Olarte]

• Following a strong performance in June, single-family home sales soared into record-setting territory in July, leaping 23.0 percent year-over-year with 10,975 units sold – a record one-month sales volume;
• The Days on Market (DOM) figure for single-family homes expanded from 51 to 56 days;
• Total property sales soared 25.0 percent with a record-setting 13,043 units sold;
• Total dollar volume shot up 33.8 percent to $4.1 billion;
• The single-family home median price set a new record high of $271,830 as it rose 8.7 percent year-over year;
• The single-family home average price jumped 8.5 percent to $338,350 – also an historic high;
• Single-family homes months of inventory was at a 3.0-months supply, down from 4.2 months last July and below the national inventory level of 4.0 months;
• Townhome/condominium sales were flat, with the average price up 9.9 percent to $223,190 and the median price up 12.3 percent to $183,000;
• Single-family home rentals rose 2.9 percent with the average rent up 1.8 percent to $1,940;
• Townhome/condominium leases increased 6.9 percent with the average rent unchanged at $1,659.

Source: HAR

[Mark Sewell]

Originally posted by @Ian Middleton:

Thanks for sharing this info, so much for the downturn. Does anyone have any ideas on what is driving this strong growth (besides the economic 101 supply vs demand explanation) More people working from home so want to own their house, same for home schooling,  external investors, pent up demand...???

Lack of supply is at least part of the story - you had it right there in your ECON 101 comment.  

Maybe some of it is seasonal, the last several summers have been red-hot.  And people are moving here in droves.  Partly for jobs, partly because they can stretch their buying dollar so much further.  Not sure what impact this virus is having, but it is tempting to think there has to be some effect, right?