Sunday , 25 September 2016
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Strongest Monthly Sales Total Ever: July Home Sales Hit Record High in Houston

HOUSTON – The Houston real estate market hit a new monthly sales record in July, with 7,769 single-family homes sold. It was the highest monthly sales total on record for the Houston Association of Realtors, which has been keeping records for decades.

Housing inventory, which fell to 40-year lows earlier this year, has edged up each of the last three months, reaching a 3.0-months supply in July. Prices climbed to the highest levels for a July, but were lower than June’s all-time record highs. Sales among homes priced between $250,000 and the millions showed the greatest strength, while days on market fell to a record low of 45.

Single-family home sales totaled 7,769 units, up 1.0 percent compared to July 2013, according to the latest monthly report prepared by the Houston Association of Realtors ( New listings for the month rose 5.5 percent, translating to 10,390 properties, which helped boost inventory from June’s 2.9-months supply to 3.0 months. That is still below the 3.4-months supply of inventory one year earlier and significantly lower than the current national supply of 5.5 months of inventory.

The average price of a single-family home jumped 6.4 percent year-over-year to $277,023. The median price—the figure at which half the homes sold for more and half for less—increased 6.8 percent to $202,000.

Said HAR Chair Chaille Ralph with Heritage Texas Properties. “We are enjoying a steady resupply of housing inventory with proportionate sales and pricing gains, all of which translates to a very healthy real estate market.”

 

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