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