Houston Real Estate Market Surges in July

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

  1. $200,000-$249,999 – 10,019 sales YTD – 3.5 Months of Inventory
  2. $150,000-$199,999  –   9,925 sales YTD –  2.1
  3. $300,000-$399,999  –   8,169 sales YTD –  5.7
  4. $250,000-$299,999  –   7,118 sales YTD – 4.7
  5. $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.

To search for homes by price range and map, follow this link.

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

 

 

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