Houston Real Estate Highlights in August

[Jhoana Olarte]

• Single-family home sales fell 16.9 percent year-over-year, the fifth decline of 2022 as the market continues toward a more normalized, pre-pandemic pace;
• Days on Market (DOM) for single-family homes ticked up from 27 to 31 days;
• The ‘Close to Original List Price Ratio’ for single-family homes has now remained below 100 percent for two consecutive months, meaning fewer buyers paid above list price for homes on the market;
• Total property sales were down 15.8 percent with 10,157 units sold;
• Total dollar volume was off 9.4 percent at $3.9 billion;
• The single-family average price rose 8.7 percent to $411,671;
• The single-family median price increased 10.8 percent to $341,950;
• Single-family home months of inventory registered a 2.5-months supply, up from 1.7 months a year earlier. That is the greatest inventory level since August of 2020;
• Townhome/condominium sales experienced their third consecutive monthly decline, falling 14.9 percent, with the average price up 7.2 percent to $254,383 and the median price up 8.1 percent to $217,000.