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.

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