Houston home sales in JULY 2014 were very strong again. Compared to July of last year, home prices jumped 6.4% with the average single family home in Houston now at $277,023. 9250 homes were sold in July, which is the second highest one-month sales volume of all time in Houston. Total dollar volume for properties sold rose 7% to $2.4 billion vs. $2.3 billion in July of 2013.
As for townhomes and condos, average prices rose 7.8% from one year ago July. Inventory dropped to 2.7 months of supply.
As for lease properties, they remained high from June, one month before. Compared to one year ago July, average rental prices for a single family home shot up 13.7% to $1950/month and for condos/townhomes, rent increased 4% to $1555/month on average.
At a glance, here are the Houston Real Estate Milestones for July 2014:
Houston Real Estate Milestones in July
Single-family home sales staged their second monthly increase since May’s decline, edging up 1.0 percent versus July 2013;
At 7,769, the total number of single-family homes sold was the largest monthly sales volume ever;
Total property sales rose 0.7 percent year-over year, reaching the second highest level of all time;
Total dollar volume was up 7.0 percent, increasing from $2.3 billion to $2.4 billion on a year-over-year basis;
At $202,000, the single-family home median price achieved a record high for a July;
At $277,023, the single-family home average price also reached a July high;
Days on Market for single-family homes was 45, the lowest level of all time;
The local supply of homes continues to gradually be replenished, with inventory edging up to a 3.0-months supply. That compares to a 3.4-months supply locally last July and the current national average of 5.5 months, as reported by the National Association of Realtors;
Rentals of single-family homes rose 7.2 percent year-over-year and the cost of renting those homes increased 13.7 percent to $1,950.
Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
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