(by: HAR report): The median price of a single-family home (the figure at which half of the homes sold for more and half sold for less) reached the highest level ever for a July, climbing 2.2 percent to $250,000. The average price also set a July record, rising 2.2 percent to $312,727.
Housing inventory continues to outpace 2018 with a 4.3-months supply compared to a 4.1-months supply last July. However, inventory peaked in June 2019 at a 4.4-months supply. Housing inventory is now holding at levels that prevailed before Hurricane Harvey struck in August 2017 and is providing a broader array of options for home buyers.
Sales of all property types rose 10.9 percent in July, setting a new record with a total of 10,478 units. The previous high for total property sales in a single month was10,115 in June 2018, which marked the first time that figure ever broke 10,000. Total dollar volume for the month increased 12.8 percent to $3.1 billion.
“July was a strong month for home sales and rentals across the Houston area,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties. “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.”