Last month we saw 23,575 homes come on the market for a total of 58,694 homes available in the month of July, of with 12,611 homes sold. We are currently seeing 4.7 months of inventory up from last month’s 3.6. Months of Inventory is a stat based on the assumption that if no new homes came on the market, how quickly everything available today would sell. It helps to gauge the strength of real estate market and it will vary too depending on the price point. Houston saw an average sales price of $253,368 and the middle of the market was $200,000, both of which are way up from last month.
If you’re thinking about buying, now is the time! Mortgage rates on a 30-year loan are sticking right now around 4.1%, which are up just slightly from last month, but still at historical lows! Mortgage rates are on the way up, so if you’re thinking about buying now is the time! Just to make the point for you, the same home this month vs just last month is going to cost you on average 300 dollars more a year based on rising interest rates. If you’re thinking about buying, I want to give you my buyer secrets guide. I’ll have a link below this video for you to get that!
The Summer selling season is coming to an end and we are seeing a lot of homes on the market and those homes are taking longer to sell. On average, it took homes 2 extra days to sell in July vs June. Some neighborhoods are seeing a bunch of homes on the market forcing prices down. Homes over $300,000 are looking at 6+ months of inventory, going all the way to 16 months for any home 1 Million plus. If you’re thinking about selling, I have a great guide to help you prepare your home for sale and I have proven marketing strategies to get your home sold for the most amount of money, in the least time, with the least stress and hassle for you.