Home sales in the Houston area were down in July, the fourth consecutive month of decline.
Inventory of available homes is higher than it’s been in two years.
The Houston Association of Realtors July report finds single-family home sales are down 17.1%, from 10,102 units in 2021 to 8,370 units this July.
Houses priced between $500,000 to $1,000,000 were the only segment that didn’t see negative sales.
The sizzling hot trends of Houston estate sales were never sustainable in the long term, says HAR Chair Jennifer Wauhob. She sees blue skies and smooth sailing ahead, suggesting the inventory growth and leveling off prices will encourage more home buyers from the sidelines and encourage them into the game.
The average price for a single-family home in July in Houston is $426,494, well below the May 2022’s record high of $438,844.
photo: Getty Images