Houston Market Report: July 2016
Norhill Realty August 24, 2016
In the Houston real estate market, conditions continue to favor both buyers and sellers, even as more houses become available compared to this time last year. July 2016 found an increase of 12.6% in the number of active listings for single-family homes, according to information from HAR.com.
Houston’s unsold Inventory held steady at 4.2-months of supply. While this is below the current national average of 4.6 months, it is still up slightly from last year’s ~3.3 months of available inventory. This increase in inventory has brought the market much more in balance between buyers and sellers from the past 3 years. With that, we have seen relatively moderate price appreciation.
The Houston Association of Realtors reports that in July 2016, a total of 8,571 single homes were sold in the Houston area. This represents a 8.6 percent decrease over sales in July 2015.
Prices in the Houston real estate market remained steady during the year over year period ending in July. The median price of a single-family home in the Houston area increased 3.86 percent between July 2015 and July 2016, to $202,000. Average home prices rose .77 percent during that period to $304,880. The dollar volume of sales during the year decreased 9 percent. In total, $2,370,776,221 worth of homes were sold in July 2016.
Homes spend an average of 50 days on the market in Houston, which is a slight increase from July 2015.
Overall, the market remains in balance. Attractive, well-placed homes continue to sell very quickly and in some cases (especially in the Heights) can receive multiple offers. However, with an increase in the number of available options, Buyers have more options than they have had over the past year.
Norhill Realty provides expert real estate services to residential buyers and sellers in Houston and surrounding communities.
Contact us today for more information on Houston real estate and for professional assistance navigating this sometimes complex home market.
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