The July 2017 Houston Association of Realtors (HAR) report showed some signs of moderation while luxury real estate market (homes over $750,000) saw the ninth straight month of rising sales.

The moderation was indicated by the single-family median home price remaining statistically flat year over year from 2016.  The single-family average home price rose by 2.4%.

The Luxury market in Houston remained strong, with a 19.8% increase in volume year over year.

Broken out by housing segment, July sales performed as follows:

  • $1 – $99,999: decreased 11.9 percent
  • $100,000 – $149,999: decreased 1.8 percent
  • $150,000 – $249,999: increased 7.8 percent
  • $250,000 – $499,999: increased 3.2 percent
  • $500,000 – $749,999: statistically unchanged
  • $750,000 and above: increased 19.8 percent

 

July 2017 HAR Report – Houston Real Estate Market Shows Signs of Moderation 1

Months of inventory rose to 4.5 from 4.0 a year ago, another indicator of a moderating market and a move toward a buyers market, (which we consider to be more than 6 months of inventory).  This is the highest level of inventory since 2012.

Here are some interesting quotes and statistics from the report:

“On a year-to-date basis, single-family home sales remain 6.8 percent ahead of the 2016 volume;”

“Single-family home sales rose for the tenth straight month, up 5.0 percent year-over-year with 7,440 units sold;”

“Total property sales increased 4.5 percent with 8,821 units sold;”

CATEGORIES JULY 2016 JULY 2017 CHANGE
Total property sales 8,439 8,821 4.5%
Total dollar volume $2,331,210,355 $2,505,395,252 7.5%
Total active listings 37,965 44,299 16.7%
Single-family home sales 7,083 7,440 5.0%
Single-family average sales price $292,095 $299,131 2.4%
Single-family median sales price $230,357 $230,000 -0.6%
Single-family months inventory* 4.0 4.5 0.5 mos.
Single-family pending sales 7,233 7,940 9.8%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

Want to get a feel for the type of home that’s right for you in terms of size, rooms, amenities, and build time?

Most of the custom homes we build fall into four categories. Find out which category is a match for you based on your answers to a few simple questions. It takes less than a minute! Click here to get started.

If you would like more detail on a particular building step, or have any questions, please email bryan@refinedcustombuilders.com or call/text Bryan at 713.851.4698.

0/5 (0 Reviews)