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Essentials News

A Part Of West U and Bellaire Essentials Magazine

Home sales take summer plunge in Bellaire, West U — but West U prices soar

September 27, 2022 by Charlotte Aguilar

July’s year-over-year home sale decline in West University and Bellaire far outpaced an overall Houston drop, but West U prices skyrocketed and Bellaire’s held steady.

Figures provided monthly to Essentials by the Houston Association of Realtors (HAR) showed a total of 42 homes changed hands in the two cities in July, down from 69 in July 2021. 

But in West University, the average price of a sale rose 56.4 percent to $2.1 million, up from $1.3 in the same month last year, and edged upwrd about 2 percent in Bellaire, to slightly above $1 million.

The Houston area posted a sales drop of 17 percent this July with its lowest volume since January. With the sluggish July figures, home sales are now off last year’s record-setting pace by 1.3 percent., with only the $500,000 to $1 million segment still rising.

Analysts attribute the slowdown in sales to record prices, rising interest rates and months of limited inventory — which have combined to more consumers opting to rent. The inventory issue seems to have reversed now, with July showing the highest level in two years, according to HAR.

Sep 27, 2022Charlotte Aguilar

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Filed Under: Real Estate, Slider, West U Real Estate Tagged With: Houston Association of Realtors, July 2022 home sales

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