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Houston-Area Home Sales Extend Recovery To 10 Months

Strong luxury home sales plus a lack of new home construction drove the average home price to nearly $300,000 in July.


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Houston-area home sales chalked up their tenth consecutive month of growth in July, according to the Houston Association of Realtors. A total of 7,440 single-family homes sold over the month of July, 5 percent more than in July of last year.

Sales of luxury homes drove the market as they have throughout 2017, luxury meaning homes priced at $750,000 or more.

Meanwhile, the average home price rose by 2.4 percent over the past year to $299,131. Shad Bogany, past chairman of the Texas Association of Realtors, says that's because new home construction continues to lag.

"Builders are primarily building to suit," Bogany says. "We're not seeing many builders building any inventory to sale, and so that continues to put pressure on the resale market."

Inventory is a rough measure of how long it would take to sell out the entire listed supply of housing. Greater Houston's inventory rose to 4.5 months in July. That's up from just 4 months in July of last year. But it's still considered a seller's market.

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Andrew Schneider

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...

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