Monthly Home Sales Top 7,700, While Inventory Inches Up

stock.xchng photo
Houston home sales hit a new record in July. 

The Houston Association of Realtors is reporting contracts closed on more than 7,700 single-family homes last month. That’s the highest one-month sales volume in the region’s history. Home sales rose by more than 23percent between July 2012 and July 2013.

Housing inventory inched up, as more sellers put their homes on the market. Shad Bogany is chairman of the Texas Association of Realtors.

The average market or balanced market would be 6 months of inventory. We are at 3.4 months of inventory. So it’s still a sellers’ market, but the good thing is that the buyers have more houses to look at.

The average price of a single-family home in July was nearly $261,000 dollars. That’s an all-time record for July, though it’s down 2% from the average price in June.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...