Houston Housing Market: Home Sales continue to build on July

by | Aug 24, 2021 | Market Trends

According to the Houston Association of Realtors (HAR), Houston-area home sales were down this July compared to last year due to COVID-related home closing delays during Q2 2020. Homes sales last month rose but barely higher than last year. Yet, the Houston housing market is up 13.9% when compared to July 2019.

Once again, high-end homes priced from $750,000 and above continue to lead the way in sales volume with a 36.7 percent year-over-year (YoY) increase.

Source: July Monthly Market Comparison, HAR

July Lease Property Update

  1. Single-family lease homes fell 20.1% year-over-year.
  2. Leases of townhomes and condominiums dropped 10.8%.
  3. Average rent for single-family homes jumped 11.4 % to a record $2,162.
  4. Average rent for townhomes and condominiums increased 5.8% to $1,756.

July Single-Family Homes Update

  1. Single-family home sales fell 6.1% in July with 10,159 units sold across the greater Houston area compared to 10,822 a year earlier.
  2. In comparison to July 2019 — an average month of home sales — the Houston housing market was up 13.9%. 
  3. The single-family home average price climbed 15.3% to $389,197.
  4. The median price rose 13.9% to $309,910.

Houston Real Estate Highlights in July

  1. Single-family home sales ended a 13-month positive run with a 6.1% decline, as 10,159 units sold versus 10,822 in July 2020. 
  2. The single-family home average price rose 23.7% to $395,316 – a new record high, and the median price increased 20.% to $314,500.
  3. The single-family median price rose 13.9% to $309,910, which is the second highest median price of all time.
  4. Single-family home average price reached the second highest level of all time, increasing 15.3% to $389,197.
  5. Single-family homes sales are running 19.1 percent ahead of 2020’s record pace on a year-to-date basis.
  6. Townhome/condominium leases dropped 10.8 percent with the average rent up 5.8% to $1,756
  7. Single-family home rentals fell 20.1% with the average rent up 11.4% to a record high $2,162.
  8. Total property sales fell 3.7 percent with 12,383 units sold.
  9. Total dollar volume  increased 11.4% to $4.5 billion.
  10. Single-family homes months of inventory registered a 1.8-months supply, down from 2.9 months year-over-year and below the national inventory of 2.6 months.
  11. Days on Market (DOM) fell from 56 to 26 for single-family homes.

Read full HAR Market Report on Houston Real Estate Market June Sales here.

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