Monthly Home Sales Top 7,700, While Inventory Inches Up
by: Andrew Schneider, August 20, 2013 8:08:00 am
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.