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The steady growth of inventory during May and June has definitely helped the current Houston market. We’re seeing normal conditions for this time of year, and that is a direct result of more inventory for the buyers.
The last couple of years, the supply of homes has been at a historic low. With the buyer demand, that has actually pushed home prices up. Now with more inventory and freedom of choice for buyers, selling prices have eased. We’re definitely looking forward to a healthy real estate market the next couple months.
We’ve seen a rise in single-family homes sales of about 10% compared to last year. A bulk of these sales occurred in homes priced between $150,000 and $500,000. In single-family averages, price actually declined 1%, but the median for single-family homes stayed firm at $225,000. We’ve seen the supply of homes increase from three months to four, which is pretty normal for this time of year. The demand for single-family and townhome rentals has also increased.
In summation, the Houston market is still doing extremely well. Don’t listen to everything you see in the media. If you have any questions, please feel free to reach out us by phone or email.