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.