Houston Real Estate Highlights in July

[Jhoana Olarte]

• Single-family home sales ended a 13-month positive run with a 6.1 percent decline, as 10,159 units sold versus 10,822 in July 2020. The year-ago sales surge came after COVID-related lockdowns were lifted, enabling Q2 2020 postponed closings to proceed;
• The Days on Market (DOM) figure for single-family homes fell from 56 to 26;
• Total property sales fell 3.7 percent with 12,383 units sold;
• Total dollar volume increased 11.4 percent to $4.5 billion;
• The single-family average price reached the second highest level of all time, increasing 15.3 percent to $389,197;
• The single-family median price rose 13.9 percent to $309,910 — the second highest median price of all time;
• Single-family homes months of inventory registered a 1.8-months supply, down from 2.9 months year-over-year and below the national inventory of 2.6 months;
• On a year-to-date basis, single-family homes sales are running 19.1 percent ahead of 2020’s record pace.
• Townhome/condominium sales jumped 23.9 percent with the average price up 10.0 percent to $245,160 and the median price up 8.7 percent to $200,000;
• Single-family home rentals fell 20.1 percent with the average rent up 11.4 percent to a record high $2,162;
• Townhome/condominium leases dropped 10.8 percent with the average rent up 5.8 percent to $1,756.

HAR