Home sales in the Houston market rose again in July, the tenth consecutive month of increases, but prices began to show signs of easing
Home sales in the Houston market rose again in July, the tenth consecutive month of increases, but prices began to show signs of easing.
Sales gains were driven by the luxury market (homes priced $750,000+) which recorded the strongest sales volume. Overall sales totaled 7,440 single family homes, a 5% increase year over year.
“Overall, the Houston housing market had a strong July, although we are seeing slower sales in some outlying areas like The Woodlands and Cypress,” said HAR Chair Cindy Hamann. “That is why we always emphasize that real estate is local. The combination of moderating pricing and growing inventory should make conditions even more appealing for prospective home buyers."
The median price of a single-family home was statistically flat at $230,000 – the first time that it has not increased since May 2016 - while the average price was up 2.4% to $299,131.
The largest drop in sales of single-family homes by price segment was for those below $100,000 while the gain for those above $750,000 was almost 20%.
Sales of townhomes and condos were down 9% in July with just 576 units sold. The average price was up 1.8% to $201,148 and the median price fell 6.2% to $150,000.
Sales gains were driven by the luxury market (homes priced $750,000+) which recorded the strongest sales volume. Overall sales totaled 7,440 single family homes, a 5% increase year over year.
“Overall, the Houston housing market had a strong July, although we are seeing slower sales in some outlying areas like The Woodlands and Cypress,” said HAR Chair Cindy Hamann. “That is why we always emphasize that real estate is local. The combination of moderating pricing and growing inventory should make conditions even more appealing for prospective home buyers."
The median price of a single-family home was statistically flat at $230,000 – the first time that it has not increased since May 2016 - while the average price was up 2.4% to $299,131.
The largest drop in sales of single-family homes by price segment was for those below $100,000 while the gain for those above $750,000 was almost 20%.
Sales of townhomes and condos were down 9% in July with just 576 units sold. The average price was up 1.8% to $201,148 and the median price fell 6.2% to $150,000.
