(HAR Report):Sales of all property types rose 9.2 percent year-over-year, totaling 12,036. Total dollar volume for August shot up 26.7 percent to $4.3 billion.
“The Houston housing market is beginning to show signs of easing, which was to be expected with summer behind us, schools back in session and inventory levels still exceptionally low, albeit improving,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “We are also hearing anecdotally that there aren’t quite as many competitive bids on property listings as we observed earlier this year, which drove prices into record territory in June.”
The June ‘Close to Original List Price Ratio’ for single-family homes was the highest ever — 100.3 percent — with a majority of buyers paying above list price for homes on the market. In July, it was 100.2 percent, however in August, it retreated to 99.6 percent, supporting reports that the high-dollar buying trend is cooling.