The Houston space’s housing market was scorching sizzling in July however didn’t beat the report highs of July 2020
The Houston area housing market had positive sales for 13 consecutive months in July, ending due to a statistical anomaly from the Houston Association of Realtors.
A surge in pandemic-delayed apartment closings in July 2020 set regional property records “that couldn’t keep up with the robust pace of the current market,” according to the Houston Association of Realtors.
Single-family home sales were down 6.1 percent year-over-year to 10,159 units, the Houston Association of Realtors reported. Total home sales for the month were 12,383 – the third largest volume ever. All in all, the total dollar volume for the month rose 11.4 percent to $ 4.5 billion.
On an annualized basis, local home sales in 2021 are currently outperforming the 2020 record by 19.1 percent.
In July, upscale home shopping dominated the market. The luxury segment, homes priced at or above $ 750,000, saw sales grow 36.7 percent. Homes priced at $ 500,000 to $ 749,999 saw an 18.7 percent increase; and homes priced at $ 250,000 to $ 499,999 saw a 12 percent increase.
The surge in high dollar home purchases has driven prices to record levels.
Both the average and the median sales price for a single family home rose in July. The average selling price rose 15.3 percent to $ 389,197 and the average selling price rose 13.9 percent to $ 309,910 – the second highest after last month’s record numbers.
The stock of single-family homes rose to 1.8 months supply in July 2021 – the highest supply of home ownership the market had that year. Year-over-year, however, the supply is less than the three-month supply in July 2020. Months of Inventory 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 total housing stock is currently 2.6 months, according to the latest report from the National Association of Realtors.
In July, homes in the Houston area spent an average of 26 days in the market, a decrease of 30 days from July 2020.
“We anecdotally know that the Houston real estate market is still scorching hot, but statistics make it appear slower than it was a year ago due to the spike in apartment closings last July when the market began to normalize with the lifting.” “Said HAR chairman Richard Miranda in a statement. “Assertive investors and cash buyers still control the tides of this seller’s market, but hopefully this will ease with a sustained influx of new offers.”
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Home Buyers, Sellers, and Realtors, what are you seeing at the forefront of the Houston area real estate craze?
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