Best Advice for Sellers

Finally, a break in both Houston’s summer heat and the historic rise of Active homes on the market. Albeit modest, inventory declined from (433) in July to end August at (414). Rewarding results, yet one month does not make a trend! Of the total, Resales declined 12.5% to end August with (126). Good news. Whereas, the number of New Homes remained virtually remained unchanged at (288).

RESALES:

In July, the Average Sale Price reached a HISTORIC NEW HIGH. Although, it dropped in August, it was very modest and still remained 5% above the preceding 4-month average. In looking at the results below. You will also notice there were virtually no other changes in the results from July. And, no changes from “high’s” is great news for Sellers.

NEW HOMES:

August was a “mixed bag” of results for the New Homes. The good news? The important “Average Sales Price” rebounded from July and remains above the preceding 4-month average. Also, the average Price Per Square foot remained unchanged. However, the number of homes Sold dropped well below July’s results and nearly 20% below the 4-month average. This, coupled with a rise in the number of “Months of Supply”, would be concerning if both these trends continue. That’s because New Homes comprise the majority of the market.