Coming off a record-setting June, Houston real estate kept humming right along in July with another impressive month. According to HAR’s August report, our market saw year-over-year sales increase a significant amount while prices, both median and average, rose to their highest points ever for a July in Houston. With demand evidently very high, the challenge remains for the housing supply to keep pace. July inventory saw an incremental year-over-year decline, but it still sits at its highest point since August of last year.
June set all-time Houston records for single-family home sales, median price, and average price, and while July came short of all of those numbers, it was still a very robust month. Year-over-year single-family home sales for July jumped up 9.1 percent, from 7,433 to 8,108. Pending sales also climbed up quite a bit, from 7,165 last July to 8,467 this July. That amounts to an 18.2 percent increase!
Single-family home sales prices were on the rise as well, with median and average prices both climbing to their highest levels ever for a Houston July. Median price spiked up 5.9 percent, from $230,000 in July 2017 to $243,500 this past month. Average price increased 2.4 percent, year-over-year, from $298,640 to $305,910.
Active listings took a step back in July, falling from 42,952 the year prior to 41,459 this July. Signs of that 3.5 percent decline were seen in the city’s inventory level, which decreased by 0.1 percent to 4.2-months supply. Even so, this is still the highest Houston inventory has been in 11 months.
All in all, it was another excellent month for Houston real estate, in a year that has seen a lot of them. As a result, thus far in 2018, home sales are 3.4 percent ahead of last year’s record-setting sales numbers. One of the driving forces behind this is certainly Houston’s healthy job market. The Greater Houston Partnership recently reported that for the 12 months ending June 2018, metro Houston created 94,600 jobs, which is a noteworthy 3.1 percent increase over the 12 months ending in May 2018. Positive indicators like these suggest that we very well could see our strong sales numbers continue in the coming months.
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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