HOUSTON (RealtyNewsReport.com) – Existing home sales increased 27 percent last month, marking the 14th month in a row that sales have been up in the Houston area, according to the Houston Association of Realtors (HAR).
HAR reported a 5.3-months supply of homes, the city’s smallest inventory since 2007. A year ago, Houston had 50,022 homes for sale. That number declined 16 percent to 41,860 listings last month.
The average price of a single-family home in Houston rose 3.7 percent from last July to $231,484, the highest level for a July in Houston and the third highest price of all time, HAR reported. The median price was $170,000 in July, up 6.3 percent from last year.
“Sales volume isn’t achieving the record levels we experienced in 2006, before the recession, but you’d be hard-pressed to find a market performing as well as Houston, even as the national housing recovery continues,” said HAR Chairman Wayne Stroman.