Single-family home sales in Houston totaled 8,953 last month, marking the greatest volume to date of single-family homes sold in one month. A press release from the Houston Association of Realtors shows this number is up 11.6 percent over July of last year, which recorded 8,019 sales, and it exceeds the June 2018 record of 8,385 sales. Due to low mortgage interest rates and inventory growth keeping up a steady pace, home sales are already on pace to be 3 percent ahead of 2018’s record volume.
Houston’s inventory is at a 4.3-months supply, up from last year’s 4.1 months supply, but slightly lower than June 2019’s 4.4 months supply. There were 9,207 pending single-family home sales at the end of July 2019, a 19 percent increase from 7,736 in July 2018.
The biggest sales gains came from homes ranging in price from $500,000 to $750,000, up 22 percent year-over-year. After that bracket, the next highest sales increase was of homes that cost $250,000 to $500,000 at 16.9 percent. Luxury home sales rose 5.3 percent compared to last July.
Last month also saw the highest level of median prices for single-family homes ever recorded during July at $250,000, representing a 2.2 percent year-over-year increase. The average home price also rose 2.2 percent to $312,727.
In the leasing market, single-family home rentals went up 16.3 percent while the average rent stayed constant at $1,903.
“July was a strong month for home sales and rentals across the Houston area,” said HAR Chair Shannon Cobb Evans. “We believe that the Houston real estate market is on track for another record year, and that is directly attributed to a healthy local economy, low mortgage interest rates and an improving supply of homes.”