Average price for new single-family homes in Houston hits all-time high in July, report shows

HOUSTON, Texas — According to the Houston Association of Realtors’ August 14 monthly housing update, the median price for a new single-family home in Houston reached $445,440 in July, surpassing the previous record of $441,641 set in May 2024.

The average price of existing single-family homes, that is, homes that were previously occupied or are not considered new construction, rose to a record high of $459,296 in July, the report said.

The overview

According to the report:

• The average price for a new single-family home increased 2.9% year over year to $350,000.

• The average price of an existing single-family home rose 5.2% year over year to an all-time high of $352,625.

• Sales of single-family homes increased 1.8% compared to the previous year.

• Total real estate sales decreased by 2.1%: 8,969 units were sold, compared to 9,160 units sold in July 2023.

Also interesting

Hurricane Beryl caused delays in home sales closings in the greater Houston area, but July saw increased sales activity for homes valued at $500,000 and above, the report said.

According to the report, July sales for homes priced at the following prices were:

• $1 to $99,999, down 7.3%

• $100,000-$149,999, down 17.9%

• $150,000-$249,999, down 3.7%

• $250,000-$499,999, down 0.2%

• $500,000-$999,999, up 9.1%

• From 1 million USD the value increased by 14.2%

Quote of the note

HAR Chairman Thomas Mouton said that despite the setbacks caused by Hurricane Beryl, HAR expects transactions to “catch up” in August.

“Recent declines in mortgage rates have also created renewed optimism among consumers, and some previously hesitant buyers are now showing increased interest in purchasing a home,” Mouton said in the report.

This article comes from our ABC13 partners at Community Impact Newspapers.