In July, Houston-area home sales dipped below the levels seen a year earlier, interrupting a 13-month run of positive sales.
In August, however, those year-over-year single-family home sales were back on top with an 8.5% increase versus last August at 9,890 units sold compared to the 9,118 sales a year ago, according to a September home report by the Houston Association of Realtors.
Leading the August sales volume were homes priced from $500,000 to $750,000 with a 48.5% year-over-year increase, according to the report. Next were homes in the $250,000 to $500,000 segment, which rose 31.8%, followed by homes priced at $750,000 and above, which saw a 30.5% year-over-year jump in sales.
Still, for the three lowest-priced housing segments—$150,000-$249,999; $100,000-$149,999; and $1-$99,999—single-family home sales decreased 26.6%, 33.5%, and 32.4%, respectively.
Meanwhile, the single-family home median price increased 15.2% to $310,000 year over year, showing pricing has eased since setting highs in June, according to the report.
“The Houston housing market is beginning to show signs of easing, which was to be expected with summer behind us, schools back in session and inventory levels still exceptionally low, albeit improving,” said HAR Chair Richard Miranda with Keller Williams Platinum in the report. “We are also hearing anecdotally that there aren’t quite as many competitive bids on property listings as we observed earlier this year, which drove prices into record territory in June.”
Housing supply, meanwhile, increased to a 1.9-month supply in August, down from where it was a year ago—2.6 months—but still represents the biggest supply of homes the market has had in 2021 and reflects a 10.9% increase in new listings, according to the report. For comparison, the national housing inventory stands at a 2.6-month supply.