Our Houston MLS released its numbers for last month and a few things stand out.
Average home prices rose 9.9% up to $426,494 and median prices also rose to 12.7%.
However, we are starting to see a normalization in the market. July was the 4th month in a row where the total number of
home sales dropped year over year.
The market is continuing its path towards a pre-pandemic pace and closer to what is considered normal.
The only segment that did not experience lower sales were homes priced $500,000 to $1 million. This segment leaped 40.6% since last year.
In my opinion this is primarily due to the overwhelming number of homes that appreciated INTO this price range over the past 2 years. A decade ago 400-600K used to be very high end and it's now becoming the new normal.
Overall we are slightly behind last year's record setting sales by 1.3%. Still having quite a year of sales in Houston.
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