Single-Family Home Listings on the Rise
In June and July, the number of single-family homes in the Houston area reached a 4.3 month supply, a number that has not been reached since June/July of 2019. In the past 12 months inventories of single-family homes have been increasing to the 3+ month range after months of super hot sales where inventories remained below 2 months.
Prices Still Rising as Well
Although, it appears that home sales are declining in some months or seem to take longer to sell on average, the prices of single-family homes are still higher than the same time a year ago. For July 2024, the average price of a single-family home was $445,440, being almost 5% higher that a year ago and the median price was almost 3% higher than a year ago.
A Little Help From a Storm
On the 8th of July, Houston was hit by Hurricane Beryl, a very destructive storm that caused a lot of wind damage and left hundreds of thousands of homes without power from a few days to more than a week.. This put a pause on home selling activity in some areas and was another reason why inventories of homes were not reduced. However, more single-family homes sold in July 2024 than in July of 2023. An increase by 1.8%.
