In June, many real estate numbers in the Houston market were at record highs, leading some to believe that we would see a drop off in July. That was far from reality, though. The Houston Association of REALTORS just released its MLS report for July, and for the second month in a row home sales and home prices continued their surge upward.
Key July Real Estate Numbers in Houston
- Single-family home sales totaled 8,147 units in July, which is the highest volume in one month ever.
- Compared to 2014, single-family home prices in July of 2015 were up 6.3 percent to $293,790.
- A record-setting 9,653 units of all property types were sold in July, totaling $2.7 billion in sales. Those numbers increased 6.0 and 9.5 percent, respectively, from 2014.
The statistics from last month’s home sales are encouraging to say the least, and underscore why now is the perfect time to invest in Houston real estate. Although there were overall concerns about a slowdown due to declining oil prices, we have yet to see that happening in this great city. HAR Chair Nancy Furst believes that Houston’s strong housing market is due to our “tremendously diverse local economy.”
Although it’s not possible to predict the future, the housing numbers over the last couple of months are incredibly encouraging. High demand is causing home prices to rise, and real estate is selling very quickly, as well.
Additionally, the financial crisis in China may be playing into the record-breaking numbers in the Houston market, as we discussed earlier this month (you can read that here). In all, it still remains a great time to invest in real estate, especially in Houston. Even when a “cool down” period was expected--as was the case in June of this year--the opposite occurred, which has helped pay major dividends to real estate investors in 2015.