The summer months have been red-hot here in Houston—both in terms of our weather and our real estate market. However, things are starting to cool off. With that in mind, let’s take a look at how things have changed since this same time last year.
Last June, 4,696 homes sold in our area. This June, about 4,383 sold. This slight decrease is partially due to the fact that homes have become less affordable.
To further illustrate that point, it’s worth noting that the number of homes that sold for under $150,000 dropped by 40% year over year. 750 such homes sold in 2018, while just 450 sold this year.
“There are still opportunities for buyers and sellers alike to succeed in our market.”
Most of the homes that sold this year were within the $180,000 to $200,000. As for higher-end homes, just 166 total homes sold for more than $1 million across all of Harris County this June.
However, while affordability has dropped, the low interest rates we’ve enjoyed lately have certainly made it slightly easier to buy. Also, inventory has crept up above the current national average. All in all, there are still opportunities for buyers and sellers alike to succeed in our market so long as they use the correct strategy in pursuing their real estate goals.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
