The Houston housing market showed signs of recovery, as mid-range homes and a growing housing month supply showed positive trends in August, the Houston Association of Realtors reported.
According to HAR’s latest market report, an estimated 7,914 single-family home sales were recorded in August, a change of 8.2 percent year-over-year, allowing the housing inventory to boost to a 4.0-months supply from a 3.5-months supply from a year ago.
Single-family average sale prices rose 2.4 percent to $289,519 over August 2015, while the median home price boosted to $225,000—the highest recorded for an August, HAR reported.
“August proved to be a strong month for the Houston real estate market, which was welcome news after the slowdown in July,” said HAR Chairman Mario Arriaga. “It’s possible that summer vacations meant consumers put home buying on the back burner in July, but whatever the cause, home sales appear to once again be moving at a healthy pace,” Arriaga reported.
Month-end pending sales totaled 7,359, an increase of 10.1 percent when compared year-over-year. Total active listings rose 12.4 percent when compared year-over-year to 38,056. All housing segments saw gains in the month of August, except homes priced under $150,000, HAR reported.
Overall, the Houston monthly housing market showed sustainable market conditions despite mixed conditions.