In looking at the Houston-area housing market we see a positive slowdown in many areas from the unsustainable speed at which the market was moving. This, however, is not to be mistaken as a large decrease in market activity or demand. Year over year statistics are comparing against sales during the period when COVID-19 lockdowns has just been lifted. The surge from pent-up demand created record shattering activity that cannot be typically rivaled, even with the market activity of this year.
If you are considering making a move, you should speak with an agent who is knowledgeable in the area and market specifics that apply to you!
According to the Houston Association of Realtors (HAR) single-family homes sales were down 6.1 percent compared to last July, with 10,159 units sold versus the historic 10,822 that sold a year earlier. However, when compared to July 2019 — an average month of home sales with volume totaling 8,921 — the Houston housing market was up 13.9 percent. On a year-to-date basis, local home sales currently exceed 2020’s record pace by 19.1 percent.
Homes priced above $750,000 led the market in sales volume with a 36.7 percent year-over-year increase. The $500,000 to $750,000 market rose 18.9 percent and the average home price across the greater area increased to $389,197 (a 15.3 percent increase).
When looking at total property sales, Houston saw 12,383 sales with a total dollar volume of $4.5 billion. This is the third highest number of all time behind June 2021 (13,115) and July 2020 (12,865). The market is still moving and moving quickly but the not as fast as a few months ago.
As of June 2021, the Sales Price to Original List Price Ratio for single-family homes reached 100.3 percent — a record high! This means that a majority of buyers paid above list price for homes on the market. We are still seeing this trend continue in some areas and normalized in other parts of town.
Single-Family Homes Update
In comparison to July 2019 — a month considered historically average in home sales — the Houston housing market was up 13.9 percent.
The single-family home average price climbed 15.3 percent to $389,197 while the median price rose 13.9 percent to $309,910. The second highest pricing levels in Houston real estate history.
Houston has now seen 13 consecutive months of positive sales growth. One month showing a year-over-year decrease does not indicate negativity. Out active inventory is still down to 1.8 months of supply down from 2.9 months in 2020. If you have ever thought about putting your home on the market, it is a great time to discuss it! Call us!