That month marked a point when COVID-19-related home closing delays began to push through after lockdowns were lifted, resulting in over 10,800 homes sold that month. As a result, single-family home sales decreased 6.1%.
“We know anecdotally that the Houston real estate market is still red-hot, but the statistics make it appear to be slower than a year ago because of the surge in home closings that took place last July when the market began to normalize with the lifting of pandemic-related restrictions,” said HAR Chair Richard Miranda with Keller Williams Platinum in an Aug. 11 news release. “Assertive investors and cash buyers are still controlling the tides of this seller’s market, but hopefully that will moderate with a continued influx of new listings.”
For comparison, July home sales were up 13.9% over those seen in July 2019, when homes sold hit nearly 9,000.
Similar to what was seen in June sales, homes priced $750,000 and above led sales volume with a 36.7% year-over-year increase, followed by the $500,000-$750,000 segment, which increased 87% year over year, and then by the $250,000-$499,999 segment at a 35% year-over-year increase.
Not every housing segment saw gains, however. In the three lowest housing segments—$150,000-$249,999; $100,000-$149,999; and $1-$99,999—single-family home sales decreased 37.8%, 37.7% and 38%, respectively.
Meanwhile, compared to a year ago, the housing supply is down to a 1.8-month supply from 2.9 a year ago, according to the report. Still, that is up compared to the supply seen in June, when the housing supply was 1.5 months.
