Houston Real Estate Highlights in July

[Jhoana Olarte]

• Single-family home sales fell 17.1 year-over-year, their fourth and biggest decline of 2022 as the market continues on the path toward a more normalized, pre-pandemic pace;
• Days on Market (DOM) for single-family homes was flat at 26;
• The ‘Close to Original List Price Ratio’ for single-family homes fell below 100 percent for the first time since April 2022, meaning that most buyers did not pay above list price for homes on the market;
• Total property sales were down 17.4 percent with 10,180 units sold;
• Total dollar volume was off 9.0 percent at $4.1 billion;
• The single-family average price rose 9.9 percent to $426,494;
• The single-family median price increased 12.7 percent to $348,740;
• Single-family home months of inventory registered a 2.5-months supply, up from 1.7 months a year earlier. That is the greatest inventory level since August of 2020;
• Townhome/condominium sales experienced their second consecutive monthly decline, falling 21.5 percent, with the average price up 5.0 percent to $257,834 and the median price up 9.7 percent to $220,000.