Short Sale Single Family

Jul 30, 2011

Single-family homes sales in the Houston area increased 16.7 percent in July, posting 5,034 closings as compared to 4,313 in July 2010.

This is the third time this calendar year the local market has seen positive year-over-year homes sales, according to multiple listing service data compiled by the Houston Association of Realtors.

It was a positive sweep for all of the months that start with J, as Houston showed increased sales in January, June and July. June posted more activity than July, with 5,570 homes sold.

It is still premature to label this latest increase in home sales a true positive indicator, but with the effects of last years tax credit fading and local employment figures strengthening, we should soon have an accurate reading on the Houston real estate market, said Carlos Bujosa, HAR chairman and vice president at Transwestern, in a statement.

Still, year-to-date home sales are down 2.2 percent from 2010, when the home buyer tax credit was in effect.

Foreclosures made up nearly 20 percent of all property sales reported in the MLS in July, up slightly from the percentage in June, HAR reports.

The number of foreclosure property sales listed in MLS rose 13.5 in July as compared to a year earlier.

Meanwhile, the $160,000 median price of a single-family home remained unchanged from June to July, though it is at the highest level in two years.

The $224,110 average price of a single-family home posted last month is highest level ever for a July in Houston.

In addition, Houston had 7.6 months worth of inventory of homes for sale in July, higher than the six months supply considered to represent a healthy market.

The inventory statistic shows the number of months it would take to sell all of the active listings based on sales activity in the prior 12 months.

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