Single family home sales rose 12% in July with 8,953 homes sales recorded. August looks even more promising due to a 19% rise in pending sales. As a comparison, June experienced a 13% increase in pending sales last month fueling a 12% increase in closed sales this month. The table below is a synopsis of overall market activity for the month and year-to-date. Even though listings are up by 9% for the month, this is a better scenario than last month when they were up 12%. If sales continue to rise, which helps to absorb more inventory – home prices are less likely to decline.
Here’s a glance at the trends for the month and year:
*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.
T op Selling Home Sales by Price Class for 2019 YTD
- $200,000-$249,999 – 10,019 sales YTD – 3.5 Months of Inventory
- $150,000-$199,999 – 9,925 sales YTD – 2.1
- $300,000-$399,999 – 8,169 sales YTD – 5.7
- $250,000-$299,999 – 7,118 sales YTD – 4.7
- $100,000-$149,999 – 3,775sales YTD – 2.2
Based on the above top selling price classes, homes priced below $399,999 are in sellers’ markets, and homes above that price are in a buyers’ market.
The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries. Some areas are exceeding Houston’s overall growth in sales while others are lagging behind. For a breakdown of activity by area with a map, CLICK HERE.
To see the hottest selling geographical areas for the month in Houston, CLICK HERE.
Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene