The data, broken down into local market areas, covers Cypress and Copperfield and includes total homes sold, median price of homes sold and total months of inventory, a metric that measures how many months it would take for an area to run out of homes for sale if no new homes were put on the market.
The biggest drop in home sales was seen in Cypress North, which covers the Cypress area north of Hwy. 290. A total of 135 home sales were made in April 2020, compared to 194 in April 2019, a drop of 21%. The Copperfield area, by comparison, saw home sales drop by 13% from 92 in April 2019 to 80 in April 2020.
Median home sale prices were up in two of the Cy-Fair-area markets and were down slightly in Cypress North.
The months of inventory remains below two months in both Cypress North and Copperfield and below 3.5 months in Cypress South. Months of inventory dropped in both Cypress North and Copperfield between April 2019 and April 2020, a trend that can be tied in part to fewer listings on the market. Total listings in Cypress North were down from 459 in April 2019 to 321 in April 2020, according to the Real Estate Center. In Copperfield, they fell from 154 in April 2019 to 115 in April 2020.
Cypress South was the exception to the trend, with new listings rising from 460 in April 2019 to 491 in April 2020. The Cypress South submarket is home to several master-planned communities that have been among the most active for new homes in the Houston area over the past several years, including Bridgeland, Towne Lake and Miramesa.
The Texas A&M Real Estate Center considers 6.5 months of inventory to be a balanced market. When inventory levels are below six months, sellers have more control over the price and terms of deals, researchers said.
The data in Cy-Fair in April is similar what the Greater Houston area has seen over the past two months. Homes sales fell by about 20% across Houston in May, according to a monthly snapshot from the Houston Association of Realtors, while median sales prices were statistically flat.
"The lower sales volume, particularly among high-end homes, took a toll on average sales price numbers, however strong demand in the mid-priced market kept the median price of homes statistically flat," according to HAR's report.
