Year-over-year total property sales fell by over 9% in the Houston area for June, according to the Houston Association of Realtors’ July 13 Multiple Listing Service report.

Total active listings on Houston-area property was 29,344 June, 27.4% higher than the previous year, according to the report.

However, despite a replenishing market, the median single-family home price rose $4,000 between May and June to $355,000, 13.2% higher than June 2021, and a record high.

“With strong economic headwinds facing consumers right now, it comes as no surprise that home sales fell in June and may remain below record levels for a while as the market normalizes,” HAR Chair Jennifer Wauhob said in a statement.

Townhouses and condominium year-over-year sales fell from 888 to 752 units, the first decline in nearly two years, according to the report.

Despite multiple increases in the Federal Funds Effective Rate, the average interest rate on a 30-year fixed-rate loan fell from 5.7% to 5.3% in the first week of July, according to the HAR.