At the same time, completions of new single-family homes were on the rise last month, according to federal statistics. 

The National Association of Home Builders said its monthly builder-confidence survey indicated rising optimism that lower interest rates could spur new-home buying activity. 

Nancy Almodovar, founder and CEO of Nan and Company Properties, worked as both the listing and buying agent for August’s most expensive greater Houston home sale.

Pending sales declined 3.6% year over year, however, with 1,951 listings going under contract, down from 2,023 a year ago.

Buyers closed on 8,138 homes during the month, up from 7,270 in August 2024. Meanwhile, active listings soared 30.4% with 39,374 homes on the market in greater Houston.

The surge comes as the rate on a 30-year fixed-rate mortgage fell to its lowest level since October 2024. 

The rate of home-price appreciation slowed to just over half the rate of inflation in July, Cotality noted. 

Pending home sales, however, decreased 9.9% year over year with 1,750 listings going under contract.

Despite the decrease in borrowing costs, the Mortgage Bankers Association’s Market Composite Index showed a decrease in mortgage applications in the week ended Aug. 29. 

Homebuyers closed on 1,767 properties, up from 1,573 during the same week the year prior.

Despite a slowdown in single-family construction activity, newly built homes are becoming increasingly accessible to American buyers, in terms of both availability and affordability. According to data from the New-Construction Insights report released by Realtor.com, in the second quarter

Signed contracts declined despite lower interest rates and improved affordability and inventory, the National Association of REALTORS® said.   

Dallas agent Michelle Wood of Compass RE Texas is responsible for listing two of the 10 most expensive new listings in the Lone Star State.

Most of the Bayou City’s new apartments — over 7,700 — are located in Houston proper, followed by Cypress at 1,343 units and Spring at 1,109.

The upside surprise came despite monthly and yearly declines in the pace of sales. 

Homebuyers purchased 1,815 properties during the week, up from 1,590 during the same week in 2024.