The Houston-area housing market saw 13 straight months of positive sales end in July due to what the Houston Association of Realtors described as a statistical anomaly.
An increase in home closings delayed by the pandemic in July 2020 set regional real estate records “that didn’t even match the robust pace of the current market,” according to the Houston Association of Realtors.
Single-family home sales fell 6.1% year-on-year to 10,159 units sold, the Houston Association of Realtors reported. Total property sales for the month totaled 12,383 – the third highest volume of all time. Overall, the total dollar volume for the month increased 11.4% to $ 4.5 billion.
Since the start of the year, local home sales in 2021 are currently exceeding the record 2020 pace of 19.1%.
High-end home shopping dominated the market in July. The luxury segment, homes priced at or above $ 750,000 saw a 36.7% increase in sales. Homes priced at $ 500,000 to $ 749,999 saw an 18.7 percent increase; and homes priced from $ 250,000 to $ 499,999 saw a 12% increase.
The surge in purchases of high value homes has pushed prices to record highs.
Both the average and median selling price of a single-family home in July increased. The average selling price rose 15.3% to $ 389,197, and the median selling price climbed 13.9% to $ 309,910 – the second highest behind last month’s record numbers.
The stock of single-family homes in July 2021 rose to 1.8 months, the highest supply of homes the market has seen this year. Year over year, however, the supply is down from the three-month supply in July 2020. Inventory Months estimates the number of months it would take to sell all active real estate listings in the market today based on the pace of sales over the past year. By comparison, the country’s overall housing stock currently stands at a 2.6-month supply, according to the latest report from the National Association of Realtors.
In July, homes in the Houston area spent an average of 26 days on the market, down 30 days from July 2020.
“We know anecdotally that the Houston real estate market is still hot, but statistics make it appear slower than a year ago due to the surge in home closings that took place last July when the market has started to normalize with the lifting of pandemic restrictions, ”HAR Chairman Richard Miranda said in a statement. , but hopefully that moderates with a continued influx of new registrations. “
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Buyers, sellers and real estate agents, what are you witnessing at the forefront of the Houston area real estate frenzy?
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