Houston's real estate scene has seen a consistent trend of yearly dips in home sales for the 16th consecutive month. Nonetheless, the Houston Association of Realtors highlights promising signs of market stabilization.
In July 2023, single-family home sales stood at 7,557 – a decrease of 8.5% from the previous year. Simultaneously, total property sales decreased by 8.3% to 9,223. Interestingly, this decline in single-family home sales is the most modest since the 7.6% dip in June 2022. In contrast, when we look at the figures from July 2019, before the pandemic's onset, there's a 15.3% drop in home sales.
Sales figures varied across price brackets. Remarkably, properties priced between $1 and $99,999 experienced a 6.5% uptick in sales. However, this segment only constitutes 1.2% of the market. The most substantial decrease in sales, 11.8%, occurred in the $250,000 to $499,999 range. In contrast, luxury homes priced at $1 million and above only witnessed a 2.6% decrease.
In monetary terms, July 2023 saw a total transaction value of roughly $3.69 billion – an 8.8% decline. Single-family home prices remained fairly stable compared to July 2022, with the average price marginally increasing by 0.6% to $428,140. Meanwhile, the median price was $340,000, marking a 2.3% decrease from the previous year. Reflecting on the July 2019 figures, the median price has surged by 36%, and the average price has grown by 37.3%. The peak for these values was observed in mid-2022.
The trend of declining sales also affected townhouses and condos, which marked their 14th consecutive monthly drop by 9.8%, settling at 590 sales. When stacked against July 2019 figures, this represents a 14.6% decline. Prices, however, tell a slightly different story. The average price for this segment rose over 2% year-over-year to $263,876, while the median price saw a 2.2% dip, landing at $220,000.
Looking forward, the horizon seems promising. Single-family homes' pending sales have increased by 12.1%. Other positive indicators include a rise in supply and an increase in active listings by 13.2% year-over-year. The inventory period, or the estimated time to sell current listings, is 3.2 months – up from 2.4 months the previous year. This is the highest since May 2020's 3.3 months. For townhouses and condos, the inventory stands at 2.9 months, marking a notable increase from 1.9 months the prior year.
Nationally, the inventory duration is 3.1 months, per the National Association of Realtors. An inventory span of 4-6 months is generally perceived as a balanced market, where neither buyers nor sellers have a distinct edge.
HAR Chair, Cathy Treviño of LPT Realty, commented on the evolving market dynamics: “Houston's housing market inches closer to its traditional rhythm with every passing month. Despite this, consumers remain cautiously optimistic. Many are opting to rent, reflecting the prevailing uncertainty.”
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