According to the Houston Association of Realtors (HAR), Houston-area home sales were down this July compared to last year due to COVID-related home closing delays during Q2 2020. Homes sales last month rose but barely higher than last year. Yet, the Houston housing market is up 13.9% when compared to July 2019.
Once again, high-end homes priced from $750,000 and above continue to lead the way in sales volume with a 36.7 percent year-over-year (YoY) increase.
HAR: Houston Real Estate Housing Market Highlights in July
- Single-family home sales ended a 13-month positive run with a 6.1% decline, as 10,159 units sold versus 10,822 in July 2020.
- The single-family home average price rose 23.7% to $395,316 – a new record high, and the median price increased 20.% to $314,500.
- The single-family median price rose 13.9% to $309,910, which is the second highest median price of all time.
- Single-family home average price reached the second highest level of all time, increasing 15.3% to $389,197.
- Single-family homes sales are running 19.1 percent ahead of 2020’s record pace on a year-to-date basis.
- Townhome/condominium leases dropped 10.8 percent with the average rent up 5.8% to $1,756
- Single-family home rentals fell 20.1% with the average rent up 11.4% to a record high $2,162.
- Total property sales fell 3.7 percent with 12,383 units sold.
- Total dollar volume increased 11.4% to $4.5 billion.
- Single-family homes months of inventory registered a 1.8-months supply, down from 2.9 months year-over-year and below the national inventory of 2.6 months.
- Days on Market (DOM) fell from 56 to 26 for single-family homes.
July Sales by Housing Segment
- Home prices $750,000 and above – 36.7% increase
- Homes prices $500,000 to $749,999 – 18.9% increase
- Homes priced $250,000 -$499,999 – 12% increase
- Homes priced $150,000 – $249,999 – 37.8 % decrease
- Homes priced $100,000 – $149,999 – 37.7% decrease
- Homes priced $1 – $99,999 – 38% decrease
It is also important to note that existing home sales for existing single-family homes totaled 8,859 and is up 1.1% from the same month last year. The average sales price rose 17.2 % to $388,876 while the median sales price climbed 15.3% to $305,000.
July Single-Family Homes Update
- Single-family home sales fell 6.1% in July with 10,159 units sold across the greater Houston area compared to 10,822 a year earlier.
- In comparison to July 2019 — an average month of home sales — the Houston housing market was up 13.9%.
- The single-family home average price climbed 15.3% to $389,197.
- The median price rose 13.9% to $309,910.
July Lease Property Update
- Single-family lease homes fell 20.1% year-over-year.
- Leases of townhomes and condominiums dropped 10.8%.
- Average rent for single-family homes jumped 11.4 % to a record $2,162.
- Average rent for townhomes and condominiums increased 5.8% to $1,756.
July Monthly Market Comparison
About ApexPro Real Estate
ApexPro Real Estate Group is a full-service real estate brokerage specializing in single family and attached residential properties throughout Houston and the surrounding areas. We are a privately-held small business that brings together top agents, cutting-edge technology, and unparalleled service to help clients throughout Houston to buy and sell real estate — and enjoy themselves every step along the way. Our client reviews exhibit our dedication to help our clients extends beyond the closing table and we would love to earn your business.