The number of homes in West University/Southside Place priced between $1 million and $2 million increased from 9 in July 2014 to 17 in July 2015. There is only 2.3 months inventory for this price bracket, a strong Seller’s market. However, the inventory level for homes in West University/Southside Place priced over $2 million stands as 10.4 months, a strong Buyer’s market. The number of homes sold in this price range declined from 3 in July 2014 to 1 in July 2015.
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The number of homes sold Inside the Loop in July 2015 remained flat compared to July 2014. The table above shows the percentage change by price range. Homes priced over $750,000 showed a significant increase in sales.
As reported earlier, Houston Single Family home sales in July increased 6.7% over July 2014 and set an all time record for number of homes sold in a single month. In absolute terms the increase was 511 more homes sold in July 2015. However, the increase was not across the entire price spectrum. The number of homes sold priced under $250,000 actually declined 4.3% compared to July 2014.
The median price of a single family home in Houston in July 2015 was $220,000. The definition of median is that one-half of all homes sold in July were under $220,000 and one-half were above $220,000. Houston’s median price has been increasing. The first month ever that the median price was over $200,000 was May 2014. Since that time the median price has been below $200,000 only four of the fifteen months. The movement of the median price tells us nothing about how much an individual home has increased in value but it is a good statistical measure of what prices are doing in general.
You read here yesterday that Houston single family home sales in July exceeded a year ago by at least 3% and had a chance to be the highest sales month ever. The Houston Association of REALTORS® (HAR) issued their press release today. Indeed July 2015 single family home sales were 8,147, a 6.7% increase over July 2014 and 2.7% higher than the previous record month. Here is the complete release:
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Early Look At July Home Sales In Houston – Another Strong Sales Month, One of the Highest Months Ever
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 exceed the number sold in July, 2014, by 3 percent or more. It is not yet clear but July sales could be higher than June 2015 which recorded the largest monthly number of
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As you read here earlier this week, single family home sales exceeded those of June 2014. I had expected at most a 2% increase. However, the last minute spurt of recording closings propelled the June result to 4.2% more than last year. I advised you that June 2015 would be one of the two highest sales months ever and could possibly be the highest. With the strong sales performance. June 2015 is by far the month with the highest number of single family home sales.
Here is the press release from The Houston Association of REALTORS® (HAR) press release for June results.
Early Look At June Home Sales In Houston – A Strong Sales Month, One of the Highest Months Ever
My early analysis of available data from The Houston Association of REALTORS® (HAR) indicates that the number of single family homes sold in June will slightly exceed the number sold in June, 2014, probably by one or two percent. This may sound like anemic growth until you understand that June 2014 was the third highest month of sales ever.