Hi friends,
The real estate scene in Greater Houston took a hit from Hurricane Beryl, leaving over 2.2 million households in the dark for days. This storm caused some delays in closing deals, but the high-end market's activity in July helped drive an overall increase in single-family home sales.
According to the Houston Association of Realtors’ (HAR) July 2024 Market Update, the region saw a 1.8 percent uptick in single-family home sales compared to last year, with 7,635 units sold versus 7,501 in July 2023. The months' supply of homes also grew from 3.1 to 4.3, giving buyers more options.
Luxury home sales ($1 million+) led the way, jumping by 14.2 percent from last July. Homes priced between $500,000 and $1 million also saw a 9.1 percent increase. Meanwhile, sales of homes in the $250,000 to $500,000 range, which account for more than half of the market, remained steady. However, other segments continued to experience a slowdown in sales. HAR is set to release its July 2024 Rental Home Update on Wednesday, August 21.
The average price of a single-family home reached a new peak at $445,440, marking a 4.7 percent rise, surpassing the previous record from May 2024. The median price also rose 2.9 percent to $350,000.
“Although Hurricane Beryl caused some short-term disruptions, we’re expecting a rebound in transactions next month,” said HAR Chair Thomas Mouton of Century 21 Exclusive Properties. “Lower mortgage rates have reignited interest among buyers, particularly those who were on the fence.”
July Monthly Market Comparison
For the third straight month, total property sales dipped, down 2.1 percent year-over-year. However, total dollar volume saw a 4.4 percent increase, reaching $3.8 billion. Active listings rose significantly, with a 30.5 percent increase in properties available compared to July 2023.
Single-Family Homes Update
Despite the challenges brought by Hurricane Beryl, single-family home sales bounced back in July. The Greater Houston area saw a 1.8 percent increase in sales year-over-year, with 7,635 homes sold compared to 7,501 last July. The average price reached a new high of $445,440, surpassing the previous record of $441,641 set in May. Meanwhile, the median price edged up by 2.9 percent to $350,000.
Active listings saw a significant increase, climbing 34.2 percent compared to 2023, with 29,642 single-family homes available in July. The time it took to sell a home also edged up, with the Days on Market rising slightly from 42 to 44 days.
The months of inventory for single-family homes expanded from a 3.1-month supply last July to 4.3 months this year. Nationally, housing inventory stands at a 4.1-month supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-month supply is typically considered a “balanced market,” where neither buyers nor sellers hold a clear advantage.
Breaking down the numbers by housing segment, July sales showed the following trends:
- $1 – $99,999: down 7.3 percent
- $100,000 – $149,999: down 17.9 percent
- $150,000 – $249,999: down 3.7 percent
- $250,000 – $499,999: down 0.2 percent
- $500,000 – $999,999: up 9.1 percent
- $1M and above: up 14.2 percent
HAR also provided insights on existing single-family homes. In July, sales of existing homes totaled 5,610, reflecting a 1.6 percent decline from last year. Despite the dip in sales, the average price surged 8.4 percent to a record high of $459,296, while the median sales price increased 5.2 percent to an all-time high of $352,625.
Townhouse/Condominium Update
The townhome and condominium market continued to slow down in July, with sales dropping 19.5 percent compared to last year. A total of 471 units were sold, down from 585 in July 2023. The average price for townhomes and condominiums dipped slightly by 0.8 percent to $261,123, while the median price saw a modest increase of 0.7 percent, reaching $221,500.
The inventory for townhomes and condominiums saw significant growth, expanding from a 2.8-month supply in July 2023 to 5.2 months in July 2024. This marks the highest level since September 2012, when the supply stood at 5.3 months.
Houston Real Estate Highlights in July
- Single-family home sales increased by 1.8 percent year-over-year.
- Days on Market (DOM) for single-family homes edged up from 42 to 44 days.
- Total property sales dropped by 2.1 percent, with 8,969 units sold.
- Total dollar volume rose 4.4 percent, reaching $3.8 billion.
- The median price for single-family homes increased 2.9 percent to $350,000.
- The average price for single-family homes hit a record high of $445,440, up 4.7 percent.
- Single-family home inventory expanded to a 4.3-month supply, compared to 3.1 months last July.
- Townhome/condominium sales continued their decline, falling 19.5 percent, while the median price rose 0.7 percent to $221,500, and the average price decreased 0.8 percent to $261,123.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening.
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