According to HAR’s latest monthly report, July home sales rose 23.3 percent from last year’s numbers, while the housing inventory slightly increased from the 3.3-month supply level it reached in June.
“Fortunately we are seeing more homes listed for sale, which should help bring the supply-and-demand scale into healthier balance as we enter the fall months when sales activity typically begins to slow down,” said HAR Chairman Danny Frank.
An estimated 7,704 contracts closed in the month of July—the second highest one-month sales volume of all time, HAR reported. The median price of a single-family home rose 10.5 percent over July 2012 to $187,760, while the average price increased 13.6 percent year-over-year to $260,968. Furthermore, foreclosure property sales declined 41.1 percent from last year’s numbers, making up 7.8 percent of all property sales.
“July was an off-the chart month for home sales, and it really comes as no surprise given the additional job growth and other strong economic conditions that continue to draw more people to the greater Houston area,” said Frank.
According to the latest report from the Texas Workforce Commission, the Houston metropolitan area added approximately 97,900 new jobs; a 3.6 percent growth from last year’s numbers.
Overall, July sales brought positive results to Houston’s real estate market. Month-end sales totaled 9,186, a 26.3 percent increase—the highest one-month sales volume of the year, according to HAR.
Total property sales, total dollar volume and average and median pricing all saw positive results.
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