The Houston real estate market bounced back in July, as sales and median prices rose to all-time highs, the Houston Association of Realtors reported.
Particular strength was seen in the $400,000-plus home market, with a 29.2 percent increase in sales for those higher-end properties when compared to last year, the association reported.
Total property sales, which includes single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 7,680 in July, which was a 10 percent increase over July 2004 and a new high.
Existing single-family home sales totaled 5,680 last month, which was an 11.8 percent increase from July 2004.
“Houston’s real estate market continues to exhibit the steady price appreciation and increased sales activity levels that are needed to keep the market in equilibrium,” said Toni C. Nelson, HAR chair and a division vice president for Coldwell Banker United, Realtors.
The overall median price of single-family homes reached $145,500 in July, which was an increase of 6.6 percent compared to a year ago and an all-time monthly record. The median is a typical market price where half of the homes sold for more and half sold for less than that figure.
The median sales price in July for existing homes in the Houston area was $139,900, an increase of 7.6 percent compared to the same period last year.
The Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 21,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties.
***
What’s your opinion? Send your Letter to the Editor to opinion@inman.com.
