According to the latest monthly report from the Houston Association of Realtors (HAR), 8,108 single-family homes sold in July 2018 compared to 7,433 a year earlier – accounting for a 9.1-percent increase. On a year-to-date basis, home sales are running 3.4 percent ahead of 2017’s record volume according to the report. In local markets, while Year-to-date sales of homes have dipped slightly (from 1,929 YTD in 2017 to 1,922 through the end of July 2018) from last year, there was also a 6.9 percent jump in homes sold last month compared to July 2017.
“Consumers are keeping the Houston housing market one of the most vibrant in the U.S., despite low inventory and concerns about affordability,” said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase. “Much of that is reflective of a healthy job market that continues to draw new hires to Houston from across the country and around the world.”
According to the report, the single-family home median price in Houston rose nearly six percent to $243,500, and the average price increased 2.4 percent to $305,910. Both represent the highest figures ever for a July according to the HAR report.
In local neighborhoods, both average and median prices rose nearly across the board on a year-to-date basis, while monthly YOY prices varied widely.
Fifty-nine homes sold in the Garden Oaks/Oak Forest neighborhoods in July 2018, compared to 51 the previous July, a 15.7 percent increase. According to HAR’s report, 389 sales have closed on properties in the neighborhoods YTD through the end of July – a 6.9 percent leap identical to our area’s overall rise.
Meanwhile, the average price of a home in the area jumped to $547,576 last month (a 15.6 percent spike from last July’s figure), and median home prices dipped 2.3 percent to $425,000, compared to $435,000 the previous July.
Greater Inwood did not have an extremely busy month, with eight homes coming off the market last month, compared to seven the previous July – a 14.3 percent increase. Year-to-date, 59 homes have been closed on through the end of July compared to 61 at the same point last year – a slight 3.3 percent dip.
Average home prices in the northernmost portion of the Leader area dropped 5.2 percent – down to $201,750 – while median home prices jumped to $196,500 – a modest 2.3 percent increase year-over-year.
For the westernmost portion of Garden Oaks/Oak Forest and their neighbors, July was a significant month across the board. Buyers closed on 22 homes last month, a 22.2 percent increase from the 18 sales in July 2017.
Those jumps came despite a sharp rise in average home prices, which jumped 12.5 percent to $282,063. Year-to-date, however, there have been only 125 homes off the market, compared to 153 through the same stretch last year.
Meanwhile, median home prices remained mostly flat YOY, rising only 0.5 percent to $236,697.
The Greater Heights/Timbergrove/Lazybrook neighborhoods were the only local area to showcase a dip in homes sales in July YOY – only 84 homes came off the market here last month compared to 102 the previous July, a 17.6 percent drop. Year-to-date sales have also fallen off the pace a bit, with 597 sales in the area compared to 624 through the same stage in 2017.
Along with the dip in sales came a couple of varying pricing trends. Average price for a home here ran $517,678 in July 2018 (down from 535,585 in 2017), while median pricing ran relatively steady with a 0.4 percent rise to $447,000.
Near Northside and the easternmost portion of the Heights were the third-biggest movers among local neighborhoods in home sales last month, with 62 sales closing last month – a 21.6 percent spike from last July.
On a year-to-date basis, this area has seen the biggest spike, with 13.6 percent more homes sold through this juncture than in 2017.
Along with increased sales, this area’s pricing patterns showcased the most significant positive changes across the board. Per the HAR report, average home price rose 18.1 YOY compared to July 2017, while the $415,000 median price represented an 8.6 percent spike over last year.