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
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.
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