The Houston real estate market roared back in August with three big triumphs.
- Single-family homes saw an 8.2 percent year-over-year increase that was fueled by a growing supply of inventory for buyers.
- August marked the highest one-month single-family home sales volume of all time.
- This is the first time in a year that homes priced above $500,000 experienced a sales gain. In fact, only homes priced below $150,000 saw sales volume decline.
According to the latest monthly report prepared by the Houston Association of Realtors (HAR), a total of 7,914 homes sold in August. That is the greatest one-month volume since July 2015, when 7,898 homes sold. On a year-to-date basis, total home sales are up 1.5 percent compared to this point in 2015.
Houston Real Estate Inventory Levels
Inventory levels rose from a 3.5-months supply to 4 months.
"August proved to be a strong month for the Houston real estate market, which was welcome news after the slowdown in July," said HAR Chairman Mario Arriaga with First Group. "It’s possible that summer vacations meant consumers put home buying on the back burner in July, but whatever the cause, home sales appear to once again be moving at a healthy pace."
Highest Median Price for Single-Family Home Sales in Houston
The single-family home median price — the figure at which half of the homes sold for more and half sold for less — rose 4.2 percent to $225,000. That is the highest median price ever for an August. The average price climbed 2.4 percent to $289,519, which is also an August record high.
August sales of all property types in Houston totaled 9,319, up 7.1 percent from the same month last year. Total dollar volume for properties sold in August surged 10.6 percent to $2.6 billion
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