Business

Home Sales Ease in August, Even As Prices Set New Houston Record

Single-family home sales were virtually flat compared to August 2014.

The pace of home sales eased across the Houston area in the month of August. The Houston Association of Realtors says single-family home sales came to 7,454 for the region. That’s an increase of less than 1 percent from August of last year and a drop of 8.5 percent from July.

“This is a mixture of what’s going on in our Houston economy — the state of the energy sector — with a normal, seasonal drop off,” says Christi Borden, a real estate agent with Better Homes and Gardens Real Estate Gary Greene.

Prices set a new August record for Houston, with the cost of a single family home averaging $282,233. Homes priced between $150,000 and $500,000 saw moderate gains. Those at the low and high ends of the market saw sales decline.

“A lot of our builders are just not building in those lower price ranges,” Borden says. “And so availability of affordable housing, I think we’re seeing an issue there. Under the $150,000 mark, there’s nothing there to buy.”

The region’s housing inventory inched up to 3.5 months. Inventory is a rough measure how long it would take to sell out the entire listed supply of housing. By contrast, the national inventory was 4.8 months.

Share

Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas Legislature and county and city governments across Greater Houston. Before taking up his current post, Andrew spent five years as Houston Public Media’s business reporter, covering the oil...

More Information