Houston Real Estate Highlights in August

[Jhoana Olarte]

• Single-family home sales were down 3.8 percent year-over-year, the 17th consecutive month of slowing sales volume, however there continued to be signs of overall improvement to the local housing market;
• The 3.8 percent decline is the smallest since the market registered a 0.8 percent drop in May 2022;
• Compared to August 2019, before the pandemic, sales were down 8.0 percent, and compared to August 2018, five years back, they were down 4.5 percent.
• Days on Market (DOM) for single-family homes rose from 32 to 42 days;
• Total property sales fell 4.3 percent with 9,780 units sold;
• Total dollar volume dropped 2.0 percent to $3.8 billion;
• The single-family median price was statistically unchanged at $339,000;
• The single-family average price rose 2.5 percent to $420,124;
• Single-family home months of inventory registered a 3.3-months supply, up from 2.4 months a year earlier – the biggest supply in three years;
• Townhome/condominium sales experienced their 15h straight monthly decline, falling 19.0 percent, with the median price up 3.2 percent to $225,000 and the average price up 2.7 percent to $260,909;
• Compared to pre-pandemic 2019, townhome and condominium sales were down 13.0 percent.