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The price of a single family home in Houston continues to rise. A quick look at the median price in the last three months according to the Houston Association of Realtors shows this:
June 2023: $331,500
July 2023: $335,000
August 2023: $340,000
Furthermore, the number of sales were:
June 2023: 9,844
July 2023: 9,223
August 2023: 9,030
As you can see, the number of homes sold has been declining slightly over the past few months.
The number of single family homes sold in the top five price ranges the last three months in Houston is as follows:
| Price Range | June 2023 | July 2023 | August 2023 |
|---|---|---|---|
| $200,000-$250,000 | 1,893 | 1,726 | 1,654 |
| $250,000-$300,000 | 2,245 | 2,100 | 2,040 |
| $300,000-$350,000 | 2,652 | 2,510 | 2,410 |
| $350,000-$400,000 | 1,941 | 1,820 | 1,740 |
| $400,000-$450,000 | 1,113 | 1,067 | 1,030 |
As you can see, the $300,000 - $350,000 price range was the most popular price range for home sales in Houston over the past three months.
The interest rate continued to increase this year and the FED may increase it yet one more time before the year is out. The 30-year fixed-rate mortgage has averaged above 7% for the last five consecutive weeks and remains considerably higher than the 2% to 3% averages they were over a year earlier. This too impacts buyers with their purchases.
Follow me on Instagram to keep up with the current interest rates: #HoustonHomesForSale2021
If you are interested in selling or buying in Houston, please contact me right away. I will help you find the right home for your needs and budget.
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