Housing prices soared to record highs for a July in Houston. The average price of a single-family home was up 6.3 percent year-over-year to $293,790, while the median price rose 8.6 percent to $220,000.
For a second straight month, home sales and prices surpassed last year’s record-breaking pace, while housing inventory levels showed further improvement. Homes priced below $150,000 experienced a sales decline, while those above $500,000 showed particularly strong sales volume.
Single-family home sales totaled 8,147 units –– the highest one-month volume ever –– compared to 7,637 from last year, according to the latest monthly report prepared by the Houston Association of Realtors (HAR). The average number of days it took to sell a home, or Days on Market (DOM), was 45 in July, matching the figures from 2014.
JULY 2015: AT A GLANCE
Single-family home sales rose 6.7 percent versus July 2014
Total property sales were up 6.0 percent year-over-year to a record 9,653 units
Total dollar volume increased 11.9 percent to $2.7 billion
At $293,790, the single-family home average price reached a record high for a July
At $220,000, the single-family home median price also achieved a record July high
Single-family homes months of inventory climbed to a 3.4-months supply, matching a level not seen since July 2013
Townhome/condominium sales rose 7.3 percent
Single family home leases were up 11.8 percent while townhome/condominium leases rose 8.0 percent with average rents up year-over-year.