HOUSTON — (August 8, 2018) —Houston home sales showed no let-up in July, but the pace was not enough to rival the record-setting volume and pricing set in June. Inventory remained constrained at a 4.2-months supply, and the lease market saw waning consumer interest.
According to the latest monthly report from the Houston Association of REALTORS® (HAR), 8,108 single-family homes sold in July compared to 7,433 a year earlier, accounting for a 9.1-percent increase. On a year-to-date basis, home sales are running 3.4 percent ahead of 2017’s record volume.
The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose nearly six percent to $243,500, and the average price increased 2.4 percent to $305,910. Both represent the highest figures ever for a July. The strongest segment of the market consisted of homes priced in the $250,000 to $499,999 range, which shot up 21.0 percent. The luxury market – homes priced at $750,000 and above – rose 6.3 percent.
“Consumers are keeping the Houston housing market one of the most vibrant in the U.S., despite low inventory and concerns about affordability,” said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase. “Much of that is reflective of a healthy job market that continues to draw new hires to Houston from across the country and around the world.”
In its July 24 Employment Update, the Greater Houston Partnership (GHP) reported that for the 12 months ending June 2018, metro Houston created 94,600 jobs – a 3.1 percent increase and significant jump from the 81,200 jobs created in the 12 months ending May 2018.
July sales of all property types totaled 9,559, an 8.5-percent increase over the same month last year. Total dollar volume was up 11.4 percent, reaching nearly $2.8 billion.
