The overview
July marked the 16th consecutive month of declining home sales in Houston, but HAR Chair Cathy Trevino said the market is returning to a more normal state.
“Each passing month has moved the Houston housing market closer to what we consider normal with seasonal influences,” Trevino said. “Consumers are still understandably taking a cautious approach to the homebuying process, and many are ultimately choosing to rent.”
The details
- In July, single-family home sales saw their slowest decline in over a year, dropping by 8.5% year over year to 7,557 units sold, marking the lowest decrease since a 7.6% drop in June 2022, according to the report.
- The average home price increased year over year by 0.6% to $428,140.
- The median price dropped by 2.3% to $340,000, according to the release.
- The supply of homes increased to 3.2 months, the highest level since May 2020, indicating a higher availability of properties. According to the HAR, supply of four to six months has been regarded as a balanced market, where neither buyers nor sellers hold an advantage.
- Rentals of single-family homes and townhomes/condominiums increased in sales, according to the report, as pending sales were up by 12.1%.
- Townhouses and condominiums faced their 14th consecutive monthly decline with a 9.8% year-over-year drop in closed sales.
- The average price increased by 2.1% to $263,876.
- The median price decreased by 2.2% to $220,000.
- Inventory expanded from a 1.9-month supply to 2.9 months, reaching its highest level since February 2021.
