Real Estate Market Conditions: August Housing Overview
Fall is coming soon! The Houston housing market remains strong, posting modest increases in sales activity since last month, and strong increases since this time last year. MLS data shows an increase in the number of homes on the market which gives prospective buyers more options to consider when purchasing a home. In addition, homes are being sold at higher prices due to increasing property value in the Houston area since this time a year ago. Fall is the perfect season to take advantage of the housing market! The data below shows the health of the housing market.
Number of Homes Sold:
More homes were sold this month when compared to last August. 8,358 homes were sold in the Houston area this August. This is a 3.08% increase from last month but a 41.25% increase from last August.
Average Sold Price:
The average price of a home is currently $300,670 which is 1,71% decrease from last month and but a 1.43% increase from last year. An increase in selling price is an indicator of growing competition and property values. Homeowners are on average receiving more money selling their homes than in previous years which is encouraging homeowners to sell.
Average Days On-Market Before Sale:
Homes are staying on the market an average of 49 days before being sold. Homes are staying on the market 2.08% longer than last month and are just 2% slower than last year. An average of 49 days is quick, and this tight market competition will continue to drive the real estate market going forward.
Inventory of Homes:
In the Houston and surrounding area, the inventory of homes has decreased by 0.79% from last year while the number of homes on the market increased by 0.47% from July to August. Potential buyers should be aware of the competitive environment if they plan to purchase this fall.