The average price of existing single-family homes, homes that have been occupied previously or aren’t considered new construction, rose to a record high of $459,296 in July, according to the report.
The overview
According to the report:
- The median price of a new single-family home increased 2.9% year-over-year to $350,000.
- The median price of an existing single-family home increased 5.2% year-over-year to an all-time high of $352,625.
- Single-family home sales rose 1.8% year-over-year.
- Total property sales were down 2.1% with 8,969 units sold compared to 9,160 units sold in July 2023.
Hurricane Beryl delayed home sale closings in the Greater Houston area but July saw increased sales activity in homes valued at $500,000 or more, according to the report.
According to the report, sales in July for homes priced between:
- $1-$99,999 decreased 7.3%
- $100,000-$149,999 decreased 17.9%
- $150,000-$249,999 decreased 3.7%
- $250,000-$499,999 decreased 0.2%
- $500,000-$999,999 increased 9.1%
- $1 million and above increased 14.2%
HAR Chair Thomas Mouton said despite setbacks caused by Hurricane Beryl, HAR expects to see transactions “catch back up” in August.
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“Recent declines in mortgage rates have also given consumers a bit of renewed optimism, with some previously hesitant buyers now showing increased interest in buying a home,” Mouton said in the report.
