By Peter Ricci
Houston’s single-family home sales roared on ahead in July, increasing 27 percent from last year according to the latest data from the Houston Association of Realtors (HAR).
In addition, both average and median prices were up in July, with the single-family average price increasing 3.7 percent and the median price rising by 6.3 percent year-over-year.
Houston Real Estate – Positive All Over
Sales and prices, though, were not the only positive data HAR shared on Houston’s real estate market:
- Foreclosures comprised 16.3 percent of all property sales, down substantially from the 27.8 percent they accounted for in January.
- Sales for all property types in Houston, including townhomes and condos, rose year-over-year in July by 24.6 percent; total dollar volume rose even more, by 29.9 percent.
- Pending sales in July were also up, increasing by 11.5 percent and indicating another strong month of sales for August.
- Housing inventory continued to drop, falling 0.2 months to finish July with 5.3 months of supply, a decline of 2.3 months from July 2011.
- Continuing an intriguing trend we first reported on in July, homes in the upper price bracket showed particularly strong sales; sales for homes priced from $250,000 to $499,999 increased 40.5 percent from last July, and sales were up 21.5 percent for homes priced $500,000 to $1 million.
- Condos and townhomes were no slouches either, with sales rising 17.8 percent and inventory declining 31.1 percent from last year; also, on the rental side of things, single-family leases climbed 15.0 percent, and average rents reached an all-time high of $1,669.
Wayne A. Stroman, the chairman of HAR, said that though sales activity is not quite at housing boom levels, the Houston real estate market is still among the strongest in the U.S., with its job market remaining a key reason.
“Sales volume isn’t achieving the record levels we experienced in 2006, before the recession, but you’d be hard-pressed to find a market performing as well as Houston, even as the national housing recovery continues,” Stroman said. “Houston’s steady employment growth remains a key driver.”