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Houston Housing Market Breaks Records

Houston Housing Market Breaks Records

Thursday, August 29, 2019

It has never been a more popular time to buy a new home in Houston! Which is no surprise, considering favorable home prices, great buying power and a thriving local economy. This summer the Houston housing market broke records, as July accounted for the greatest one-month volume of single-family home sales of all time.

According to the latest monthly report from the Houston Association of Realtors®(HAR), July single-family home sales totaled 8,953. That is up 11.6 percent year-over-year and exceeds the last one-month sales volume record set in June 2018 (8,385). On a year-to-date basis, sales are 3.0 percent ahead of 2018’s record volume. Realtors point to low mortgage interest rates and the steady growth in inventory for the solid monthly performance. 

Homes in the $500,000 to $750,000 range staged the biggest sales gains, up 22.0 percent versus July 2018. Next were homes in the $250,000 to $500,000 range, which rose 16.9 percent. The luxury segment, which consists of homes priced at $750,000 and above, increased 5.3 percent.

The median price of a single-family home (the figure at which half of the homes sold for more and half sold for less) reached the highest level ever for a July, climbing 2.2 percent to $250,000. The average price also set a July record, rising 2.2 percent to $312,727.

Housing inventory continues to outpace 2018 with a 4.3-months supply compared to a 4.1-months supply last July. However, inventory peaked in June 2019 at a 4.4-months supply. Housing inventory is now holding at levels that prevailed before Hurricane Harvey struck in August 2017 and is providing a broader array of options for home buyers.

Sales of all property types rose 10.9 percent in July, setting a new record with a total of 10,478 units. The previous high for total property sales in a single month was10,115 in June 2018, which marked the first time that figure ever broke 10,000. Total dollar volume for the month increased 12.8 percent to $3.1 billion. 

“July was a strong month for home sales and rentals across the Houston area,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties. “We believe that the Houston real estate market is on track for another record year, and that is directly attributed to a healthy local economy, low mortgage interest rates and an improving supply of homes.”

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