While the greater Houston real estate market experienced its first sales decline in six months in July, the year-to-date sales are still up about 1 percent.
"We never like to see a decline in home sales, but it’s helpful to remember that our comparisons each month are to a record year in 2015," said Houston Association of Realtors (HAR) Chairman Mario Arriaga with First Group.
A total of 7,204 homes sold in July compared to 7,898 a year earlier. That represents a drop of 8.8 percent, the first decline since January.
Houston Real Estate Inventory Level
Inventory levels continue to outpace last year, rising from a 3.5-months supply to 4.0 months. That is the largest supply of homes since November 2012 when it stood at 4.1 months.
The single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 4.1 percent to $230,000. That is the highest median price ever for a July and the second highest of all time. The highest median ever was $233,000, reached in June of this year. The average price declined a fractional 0.5 percent in July to $292,316.
Houston July Real Estate Volume
Total dollar volume for properties sold in July fell 9.0 percent to $2.4 billion.
"July was the first time in several months when even mid-range housing saw declines. It’s hard to identify a single cause for the drop in sales, whether it’s a possible trickle-down effect of falling oil prices or prospective buyers holding out, but Houston’s housing market is still healthy overall," Arriaga said.
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