HURRICANE BERYL DISRUPTS HOUSTON HOUSING MARKET IN JULY

The Greater Houston real estate market faced challenges in July due to Hurricane Beryl, which disrupted power for over 2.2 million households. Despite delays in some closings, increased activity in the luxury market fueled overall growth in single-family home sales.

According to the Houston Association of Realtors (HAR) July 2024 Market Update, single-family home sales rose 1.8% year-over-year, totaling 7,635 units compared to 7,501 last July. The average price climbed to an all-time high of $445,440, up 4.7%, while the median price increased by 2.9% to $350,000. Months of inventory expanded from 3.1 to 4.3.

High-End Market Highlights:

• Luxury segment ($1M+): Sales up 14.2%
• Homes priced $500K-$1M: Sales up 9.1%
• Homes priced $250K-$500K: Flat
• Other segments: Declines

Single-Family Homes Update

Despite the impacts from Hurricane Beryl, single-family home sales rebounded in July. Sales increased 1.8 percent year-over-year with a total of 7,635 units sold across the Greater Houston area compared to 7,501 last July. The average price rose 4.7 percent to $445,440, topping the previous record of $441,641 set in May of this year. The median price climbed 2.9 percent to $350,000.

July Monthly Market Overview:

• Total property sales down 2.1%
• Total dollar volume up 4.4% to $3.8 billion
• Active listings increased by 30.5%

Active listings were 34.2 percent above 2023 levels, with 29,642 single-family homes available in July. Days on Market, or the actual time it took to sell a home, was up from 42 to 44 days.?

Single-Family Homes:

• Sales up 1.8% year-over-year
• Average price: $445,440 (+4.7%)
• Median price: $350,000 (+2.9%)
• Active listings: 29,642, up 34.2%
• Days on Market: Increased from 42 to 44

Townhouse/Condominium Update:

• Sales down 19.5%
• Average price: $261,123 (-0.8%)
• Median price: $221,500 (+0.7%)
• Inventory: 5.2 months, highest since 2012

“Despite setbacks from Hurricane Beryl, we anticipate a strong rebound in transactions,” said HAR Chair Thomas Mouton. “Declines in mortgage rates have renewed optimism among buyers.”

Houston Real Estate Highlights – July:

• Single-family home sales up 1.8%
• Median price up 2.9% to $350,000
• Average price up 4.7% to $445,440
• Townhome/condominium sales down 19.5%