By Stephanie Sims
Home sales in Houston continue to rise while existing housing inventory has fallen to its lowest level since February 2007 – 5.3 months supply.
Across the area, according to the Houston Chronicle, agents sold 6,324 single-family homes last month, a 27 percent spike over last year as well as the 14th straight monthly increase for the city, and the median price rose 6.3 percent to $170,000.
Houston Housing Market – Home Sales Statistics
The Houston Association of Realtors tracks property sales, and had these results by price segment:
* $1 – $79,999 increased 15.7 percent
* $80,000 – $149,999 increased 15.0 percent
* $150,000 – $249,999 increased 32.6 percent
* $250,000 – $499,999 increased 40.5 percent
* 500,000 – $1 million and above increased 21.5 percent
Houston Highlights – Distressed Property Sales, Home Price Trends and Pending Sales
The report included other important information further highlighting how the Houston market is doing better, so to speak, than housing markets in different cities across the nation, including foreclosure property sales were flat compared to July 2011, according to the MLS. Other highlights:
- Foreclosures were 16.3 percent of all property sales, which has decreased substantially since the 27.8 percent level high recorded in January.
- The median price of July foreclosures declined 4.5 percent to $80,199.
- Total dollar volume for properties sold during the month jumped about 30 percent to $1.6 billion.
- Month-end pending sales for July totaled 4,079. That’s up 11.5 percent from last year and indicates the likelihood of another month of positive sales when the August real estate transactions are totaled.
- Active listings, or the number of available properties, at the end of July declined 16.3 percent from July 2011 to 41,860.
- July sales of townhouses and condominiums rose 17.8 percent from 2011 to 536 units. The median price increased 9.8 percent to $131,750 and inventory fell 31.1 percent year-over-year to six months.
“You’d be hard-pressed to find a market performing as well as Houston, even as the national housing recovery continues,” Wayne Stroman, chairman of the Houston Association of Realtors, said in a monthly report. “Houston’s steady employment growth remains a key driver.”