Record-breaking heat has been spreading across Houston and it seems like the best place to beat the heat is inside a new home. Sweltering temperatures are being met by a blistering housing market. HAR released their report for July and numbers increased across the board. Single-family home sales, total property sales, total dollar volume and prices were all higher than in July 2014. In addition, month-end pending single-family home sales, active listings and housing inventory were all higher than a year earlier. Year-over-year numbers were impressive, but July was even able to surpass some Houston records.

Single-family home sales for July rose to 8,147 units. That broke the all-time Houston record of 7,935 that had just been set in June. It also represented a 6.7 percent increase over the 7,637 sold in July 2014. The 9,653 total property sales were a record as well. This amounted to a 6.0 percent increase over the previous July. Pending single-family home sales at July’s end increased to 7,959, a 4.1 percent year-over-year increase.

Home prices also increased noticeably from July 2014. The average single-family home price was $293,790, which was a 6.3 percent year-over-year increase. While it didn’t quite catch the all-time Houston high of $302,942 set just a month earlier, it did make for a July record. The median price for single-family home sales was $220,000 which was an 8.6 percent increase over the previous year and another July record.

Houston’s housing inventory rose significantly in July. It reached 3.4-months supply, which is a 15.2 percent increase over July 2014. In addition, it is the highest inventory level the city has seen since two years earlier, in July 2013. This continues the steady ascension of Houston’s housing inventory in 2015. While still well below the current national inventory level of 5.0-months supply, it is a sign of notable and continued progress. In addition, active listings at July’s end rose 12.7 percent year-over-year to 33,679.

Sales for homes priced below $150,000 were about the only negative for the July market. That housing segment saw a considerable decrease in sales. Homes above that price point, however, produced strong sales volume. Homes priced above $500,000 did exceptionally well. All this amounted to a total dollar volume increase of 11.9 percent.

2014 was a record-setting year for Houston home sales. The assumption was that the Houston housing market would come back down to earth in 2015. And while the market has normalized a bit, thus far, it has largely held up against 2014. As we’ve seen in June and July, 2015 has even had some record-setting sales of its own. Oil prices were supposed to have a major impact on the city’s housing market, but as HAR Chair Nancy Furst explains, its effects have been surprisingly minimal. “Despite lingering concerns about falling oil prices and layoffs within the energy industry, I believe the strength of Houston’s housing market continues to be buoyed by our tremendously diverse local economy."

Looking to buy or sell a home, or just have questions about the market? Always feel free to contact me at 713.829.3052 or cynthia@cynthiamullins.com.

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