HOUSTON — (August 9, 2023) -HAR Report— Even with some indicators in negative territory, the Houston housing market continues to demonstrate that it is returning to a more normal state as it moves beyond the pandemic and the challenges posed by rising interest rates. Home sales across Greater Houston were down for a 16th straight month in July, but the rate of decline was the smallest in more than a year.
According to the Houston Association of Realtors’ (HAR) July 2023 Market Update, single-family home sales fell 8.5 percent year-over-year with 7,557 units sold compared to 8,256 in July 2022. That is the lowest decline since sales dropped 7.6 percent in June 2022. Months supply of homes climbed to 3.2, the highest level since May 2020 when it was 3.3. When compared to pre-pandemic July 2019, however, home sales were down 15.3 percent.
The sub-$100,000 housing segment, which represents just 1.2 percent of all homes on the market, was the only segment to experience a gain. Rentals of single-family homes and townhomes/condominiums continue to be strong. HAR will publish its July 2023 Rental Home Update next Wednesday, August 16.