Leader-area home-buying sizzles in July, with 77009 on fire

The 77009 ZIP code sizzled in July home sales and price figures – the hottest of any Leader-area neighborhood – in the most active month in Houston home sales in nearly a year. Figures provided to The Leader by the Houston Association of Realtors showed 38 homes were sold in 77009 during July, a 72.7 percent gain over last year at the same time, and the average price of a single-family home rose 26.3 percent, to $298,021.
The 77008 ZIP posted a 23.7 percent gain in sales over last year, with 73 homes changing hands, and the average price rose by 5.3 percent there, to $352,658.
Performance was mixed in the 77007 ZIP, with 68 homes sold, one-third more than in July of 2011, but the average price there dipped by 17.6 percent, to $335,790.
As the Harris County Appraisal District released its certified tax rolls last week pointing out Oak Forest as having one of the two highest increases in value (see related story), HAR figures showed a slowdown in sales in its 77018 ZIP, which also includes Garden Oaks. Sales were flat with 40 homes changing hands, one less than in July last year. But the average sale price is still on the increase — $306,483, for a 16.3 percent jump.
Sales also flattened in the 77091 ZIP – six, up from five in July 2011, and the price of those dropped significantly, by 34.6 percent.
In the 77092 area, 14 homes were sold in July, up from 11 in the same month last year, and prices were up by 10.2 percent.
Overall, the Houston area posted its 14th straight month of growing sales, and the 27 percent increase in single-family home sales was the steepest one-month gain in nearly a year. HAR says the sales activity has the area’s housing inventory at its lowest level in more than five years.
Average cost of a single-family home jumped 3.7 percent year-over-year to $231,484, the highest level for a July in Houston and the third highest price of all time.

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