The Full July numbers for the Houston Market have been published by HAR.
Sales were slightly up Year over Year for July with 7,635 properties sold and July average sales price is up across Houston almost 5%.
This has been the most fascinating phenomenon to watch over the last 2 years. We have had basically record high interest rates (for the last 15-20 year timeline) and yet the average home value has still managed to inch upward. The demand for housing in Houston has been remarkable and has kept our market pretty stable in the face of some eye watering interest rates.
That said, we are now up to 47,348 properties actively listed, representing a 4.3 month supply of homes. This 4-6 month supply range is the level of inventory that economists call a "balanced market," so if the overall available inventory continues to grow, this should cause us to begin to see a leveling off in the average sales price.
Of course, these are city wide numbers. Every section and subdivision has its own unique supply and demand figures so if you're thinking about selling, you really need to look at your hyper local market.
Key stats to look for are:
=> What is the average price per SF for homes within 10% of your square footage?
=> How many days on market is it taking the homes in your area to go under contract?
=> How many active listings are you competing against to get a buyer to write a contract on your home?
If you're curious about any of these, feel free to reach out to us anytime!
