HAR has released their report on July’s numbers and we saw yet another largely positive month in what has been a very positive year for the Houston market. July’s numbers also reflect the balance and stability that our market is finally realizing in 2017 after years of trading off between unsustainable buyer’s and seller’s markets.
After a June in which Houston set all-time highs for single-family home sales and prices, we came back down to earth some in July. That’s not to say it was a bad month though. While numbers weren’t as impressive as in the record-setting June, they remained relatively strong. For starters, year-over-year single-family home sales increased 5.0 percent, from 7,083 to 7,440. These sales were led by the luxury market (homes priced $750,000 and up), which saw a massive year-over-year rise of 19.8 percent. Pending single-family home sales at month’s end were also significantly higher, jumping from 7,233 in July of 2016 to 7,940 this July. That represents a 9.8 percent spike.
Prices were slightly more modest in July than in recent months. Year-over-year median sales price for single-family homes dropped a nearly indistinguishable 0.6 percent to $230,000 while average sales price ascended 2.4 percent. Even the increase for average price was a sign of more moderate pricing as at $299,131, it was below $300K after the two previous months had eclipsed that mark.
Total active listings saw a sharp 16.7 percent increase from 37,965 in July 2016 to 44,299 last month. All these active listings boosted the city’s inventory, year-over-year, from 4.0-months supply to 4.5-months supply. This is the highest level reached by Houston’s inventory since September 2012. It’s also above the current national inventory level, which sits at 4.3 months-supply.
Year-over-year single-family home sales have increased in every single month this year, and year-to-date home sales are 6.8 percent ahead of a 2016 which set the all-time Houston record for home sales. But with inventory growing to its highest level in 5 years, we’re starting to see more give and take with pricing as well. We’re truly experiencing our most balanced market in many years, and as we head into the fall selling season, the numbers are telling us that now is a good time to act for both sellers AND buyers.
Buying or selling a home or have questions about the market? Give me a call at 713.829.3052 or email me at cynthia@cynthiamullins.com.
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