The Monthly Market Pulse: Houston’s Real Estate Review – July 2023

Great news, Houstonians! Our city’s housing market continues to show signs of resilience, steadily transitioning to its usual rhythm after a unique year. Despite the curveballs thrown our way, Greater Houston has shown exceptional staying power, with sales dipping the slightest in more than a year last month.

Stabilizing Market 🏡

The July 2023 report from the Houston Association of Realtors (HAR) shows that single-family home sales dipped by a mere 8.5%, with 7,557 homes finding new owners. What’s remarkable about this? That drop is the gentlest we’ve felt since June 2022!

And guess what else is climbing? The supply of available homes, which hit a comfortable 3.2 months—levels we haven’t seen since May 2020. Although sales slumped slightly compared to pre-pandemic July 2019, we’re edging ever closer to a balanced marketplace of 4-6 months of supply.

Prices on the Plateau ⚖️

Meanwhile, single-family home prices are settling in to enjoy the view from their plateau. The average price inched up a modest 0.6% to $428,140, while the median price moderated to $340,000. These figures rest just below May 2022’s peak at $438,350 (average) and June 2022’s record-breaking $354,000 (median).

A Nostalgic Look Back 🕰️

Let’s don our retro glasses and rewind back to 2019: July 2023’s closing tally was 15.3% off that of July 2019. However, this July’s median price was a whopping 36.0% higher than its $250,000 counterpart in 2019. Moreover, our current average price of $428,140 surpassed the figure from back then ($311,895) by 37.3%. Talk about fantastic growth!

Keep in mind, friends, each month carries us closer to our standard market conditions. We appreciate the mindful approach many of you are opting for in your journey to home ownership. As ever, the Selling Houston Team is here to empower, support, and guide you towards your real estate dreams!