Sales Rebound, Inventory Growth Slows and Prices Mixed
HOUSTON — (August 15, 2007) — With widespread reports of mortgage companies across the country filing for bankruptcy, shutting down operations or having difficulty finding the money to fund loans, the greater Houston real estate market held up remarkably well in July. Sales actually rebounded from the previous two months of declining sales. While the inventory growth of available homes for sale slowed from its recent torrid pace, prices were mixed. The only price segment that continues to show signs of moderate weakness is the $80,000 to $150,000 range, which is clearly the result of the mortgage and lending issues.
Total property sales for the month registered 8,114, which was a 1.1 percent increase versus July 2006. Properties sold during the month reached a total of nearly $1.7 billion, a 5.3 percent increase compared to last year’s nearly $1.6 billion in July sales. Additionally, the median home price for a single-family home reached $155,100 for July, and the average single-family home price came in at $209,339, a decline of 0.5 percent and an increase of 1.8 percent, respectively. (more…)
