Houston-The Woodlands-Sugar Land Real Estate Market Report – July 2023
- Single-Family Home Sales: Single-family home sales declined by 8.5% year-over-year, marking the 16th consecutive month of slowing sales volume. However, there were indications of gradual improvement in the local housing market.
- Sales Comparison: The 8.5% decline in July was the smallest decrease since the market saw a 7.6% drop in June 2022. Compared to July 2019, sales were down 15.3%, and compared to July 2018, sales decreased by 5.8%.
- Days on Market (DOM): The average Days on Market for single-family homes increased from 27 to 42 days, indicating a shift towards a slightly longer selling process.
- Total Property Sales: Total property sales saw an 8.3% decrease with 9,223 units sold, reflecting a decrease in overall market activity.
- Total Dollar Volume: The total dollar volume dropped by 8.8% to $3.7 billion, reflecting the impact of decreased sales activity.
- Single-Family Median Price: The median price for single-family homes experienced a 2.3% drop to $340,000.
- Single-Family Average Price: The average price for single-family homes increased by 0.6% to $428,140.
- Months of Inventory: Single-family home months of inventory reached a 3.2-months supply, up from 2.4 months compared to the previous year. This marked the highest supply in three years.
- Townhome/Condominium Sales: Townhome and condominium sales continued their 14th straight monthly decline, falling by 9.8%. The median price for townhomes/condos decreased by 2.2% to $220,000, while the average price increased by 2.1% to $263,876.
- Sales Comparison: Compared to pre-pandemic 2019, townhome and condominium sales were down by 14.6%.
If you are thinking about buying or selling in the Houston area, it is important to work with a qualified realtor who can help you navigate the current market conditions. Schedule a consultation here.
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The Texas Real Estate Research Center is a valuable resource for real estate professionals, investors, and anyone interested in learning more about the Texas real estate market.
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