The Houston summer has been a hot one, and the July real estate market has been pretty hot as well. July didn’t rival the record setting June, but the market continues to remain strong.
According to the latest report from the Houston Association of Realtors (HAR), single-family home sales in July 2018 increased 9.1 percent compared to July 2017. On a year-to-date basis, home sales are running 3.4 percent ahead of 2017’s record volume.
The single-family home median price rose 5.9 percent to $243,500. The average price rose to 2.4 percent to $305,910. Both represent the highest figures ever for a July.
According to the Houston Association of Realtors, the 41,459 active listings in July 2018 represented a 3.5 percent drop from July 2017. Month-end pending sales for single-family homes totaled 8,467, a 18.2 percent increase over last year.
Days on Market, or the number of days it took the average home to sell, held steady at 48 days.
Inventory registered a 4.2-months supply, down slightly from 4.3 months a year ago, but still at the highest level since August 2017.
Oil prices and the national economy remain up. Those factors should help to carry the real estate market through the summer and hopefully into the fall.