Houston Monthly Housing Update

Hello and welcome. Let's now take a look at the most recent market report. The average price of a single-family home rose 4.7 percent in in July to an all time high of $445,440 beating out the high of $441,641 reached in May 2024, while the median home price stepped up 2.9% to $350,00.

With current mortgage interest rates exceeding 6% some home buyers are currently getting to put their running shoes on as they prepare to head to their lender. No longer waiting to see what will happen, they are expecting a few rate drop this month and they are ready to pounce. With inflation now sitting at 2.9%, (as of July 2024) down from a high of 9.1%, let the home buying season begin.

Months of inventory grew to 4.3 and the actual time it took to sell a home, grew to 44 days from 42 days. All things considered, that is not bad. Homes priced at $500,000 to $1 million was up 9.1% taking home priced above $1Million with it, which is also up 14.2%. Homes priced between $100,000 - $149,999 saw a decreased of 17.9 percent. While homes within $150,000 - $249,999, dropped 3.7% and homes within $250,000 - $499,999 had a smaller drop of 0.2%.

All things considered, Houston housing market is still doing better than most, but along with the sunshine, there has to be a little rain sometimes. Don't forget to take your umbrella with you. It may pour a bit. As always, thank you so much for stopping by. Until next time...Diana

Source: Inflation Data |  Source: Houston Association of Realtors

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