Courtesy of Houston Association of REALTORS®.

Houston home sales posted a modest year-over-year increase in July as Hurricane Beryl, which left 2.2 million households without power, delayed some closings, according to the latest Market Update from the Houston Association of REALTORS®. 

Single-family home sales rose 1.8% year over year, with 7,635 units sold compared to 7,501 in July 2023. Home-sale increases were strongest in the luxury segment: Sales among homes priced $1 million and up surged 14.2% year over year, the biggest increase among all price points. 

The average price of a single-family home rose 4.7% annually to an all-time high of $445,440, while the median price rose 2.9% to $350,000. Meanwhile, months of supply jumped from 3.1 to 4.3 months. 

“Despite the temporary setbacks caused by Hurricane Beryl, we expect to see transactions catch back up next month,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties. “Recent declines in mortgage rates have also given consumers a bit of renewed optimism, with some previously hesitant buyers now showing increased interest in buying a home.” 

Townhome and condominium sales dropped 19.5% in July, with 471 closed sales, compared to 585 a year prior. The average townhome price slid 0.8% to $261,123, while the median rose 0.7% to $221,500. Townhome and condo inventory also rose from 2.8 months a year earlier to a 5.2-month supply, the highest amount recorded since September 2012.