HOUSTON – (Realty News Report) – The Houston continued its summer surge in July as single-family home sales rose 9.1 percent over July of last year, according to the Houston Association of Realtors.
Propelled by strong job growth, the Houston housing market is headed toward a record-setting year. The most recent economic statistics show the Houston area gained 94,600 new jobs over the last 12 months, one of the biggest gains in recent years.
Year-to-date single-family home sales are running 3.4 percent above the pace of last year – and 2017 was the best year ever for home sales.
“Consumers are keeping the Houston housing market one of the most vibrant in the U.S., despite low inventory and concerns about affordability,” saidsaid HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase.
As Houston continues to recover from last year’s storm, some parts of the upper-end market in Houston have been showing signs of softness, while other upscale neighborhoods are strong, said Amy Bernstein of Bernstein Realty.
“In areas affected by Hurricane Harvey, there is an excess of inventory,” Bernstein said. “The luxury market in certain areas appears to be a buyers market.”
The market for homes in the neighborhoods impacted by the massive storm will begin to improve after the first anniversary of the Hurricane Harvey has passed, Bernstein said. The the storm made landfall in Texas on Aug. 25, 2017.
The median price of a single-family home in July was $243,500, up from $230,000 in July of last year.
Houston has a 4.2-months supply of homes for sale. A balanced market is a 6-months supply.
In June, Houston recorded the best month ever for home sales with 8,424 homes sold and the sales of July were not far behind.
Aug. 8, 2018 Realty News Report Copyright 2018