Local real estate experts said the Houston real estate market started to stabilize in August compared to the start of the pandemic, according to the latest monthly home sales report released Sept. 13 from the Houston Association of Realtors. However, home sales across the Greater Houston area were down year over year for the 17th straight month.

The details

Single-family home sales fell by 3.8% year over year in August with 7,983 homes sold compared to 8,301 homes sold in August 2022, according to the report.

• The average price increased 2.5% year over year to $420,124.
• Total home sales declined 4.3% year over year year with 9,780 units sold in August.
• The average number of days on market for single-family homes increased from 32 to 42 days year over year.

The luxury housing segment, consisting of homes priced at $1 million and above, was the only housing segment that saw an increase in home sales in August, accounting for 3.7% of all homes for sale.

The townhouse and condominium market declined year over year for the 15th consecutive month in August with sales falling by 19% year over year.

What they’re saying

HAR Chair Cathy Trevino said August’s real estate trends indicate a gradual shift from trends seen during the pandemic.

“We are working our way back to a better place with resale housing while continuing to see strong activity in the rental market,” she said in the release.