The Houston housing market eked out another month of positive sales in July with prices up and the supply of homes continuing to grow, albeit slightly. Sales volume reached the highest monthly total ever recorded.
Housing inventory, which fell to 40-year lows earlier this year, has edged up each of the last three months, reaching a 3.0-months supply in July. Prices climbed to the highest levels for a July, but were lower than June’s all-time record highs. Sales among homes priced between $250,000 and the millions showed the greatest strength, while Days on Market, or the number of days a home takes to sell, fell to a record low of 45.
As you read here earlier, the number of Houston single family (SF) homes sold in July 2014 increased compared to July 2013. The Houston Association of REALTORS® (HAR) released statistics indicating 7,769 SF homes were sold in July, 1.0% more than July 2013 and 1.0% more than June 2014. The number of SF sales in July set an all time record.
My early analysis of available data from The Houston Association of REALTORS® (HAR) indicates that the number of single family homes sold in July will show an increase compared to July 2013. There were 7,690 single family homes sold in July, 2013.
Houston home sales have been held down with lack of available homes for sale. No where more than in the West University/Southside Place neighborhoods has the question been more relevant, Where’s the Inventory? The chart pictured above shows the issue very well.
The number of Single Family (SF) homes sold Inside Houston’s Loop 610 during the first half of 2014 increased 1.6% compared to the same period last year. This is higher than for all of Houston. The number of homes sold under $350,000 declined substantially due to rising prices. See the photo above.
As shown in the photo above, single family (SF) home sales in Houston increased 0.5% during the first half of 2014 compared to the same period in 2013. The number of SF homes sold which were priced $350,000 and under declined while most other price ranges saw double digit increases.
Watch HAR Chair Chaille Ralph discuss Houston’s June home sales.
Here is the Press Release from Houston Association of REALTORS® (HAR) for June home sales. June was an excellent month but it followed another very good month.
As you read here last week, the number of Houston single family (SF) homes sold in June 2014 increased compared to June 2013. The Houston Association of REALTORS® (HAR) released statistics indicating 7,553 SF homes were sold in June, 4.5% more than June 2013. As I advised last month, I did not expect a steady decline in the number of SF homes sold. The picture above graphically shows the June results.
Single family home sales were 7,145! Monthly single family sales have exceeded 7,000 only four other times ever. The dollar volume of single family homes sold was $2.003 billion. Sales volume has been over $2 billion only one other time. In July 2013 sales volume was $2.007 billion. The point is May was a very big month in Houston home sales.