HOUSTON – The Houston housing market had its strongest August ever with 7,505 single-family home sales, up 1.1 percent over August 2013, according to the latest monthly report prepared by the Houston Association of Realtors.
The average price of a single-family home rose 6.4 percent year-over-year to $275,369, HAR said. The median price—the figure at which half the homes sold for more and half for less—jumped 10.4 percent to $206,000.
Sales were particularly strong at the upper-end of the Houston housing market, with a 16 percent increase in sales for homes priced at $500,000 and up. “We had a great August, an amazing, record breaking August,” said Cheri Fama, president of John Daugherty Realtors, which handles many sales in River Oaks, West University Place and Memorial.
Months of inventory, which estimates how long it will take to deplete current active housing inventory based on the previous 12 months of sales activity, matched July’s 3.0-months supply, but was down slightly compared to the 3.3-months supply of last August. It is significantly below the current national supply of 5.5 months of inventory.
“The Houston housing market is going strong as we transition from summer to fall, and enough new listings have hit the market over the past month to keep inventory levels stable,” said HAR Chair Chaille Ralph with Heritage Texas Properties. “One of the factors that continues to fuel real estate and our local economy in general is the ongoing creation of jobs. Houston is definitely a desirable destination for many people across the country.”
Houston led the nation in job growth, gaining 112,200 new jobs over the 12-month period ending July 31.