June saw record temperatures in the area but a definite cooling of the local housing market, with West University showing a near 35 percent year-over-year decline in sales for the month, and Bellaire dipping nearly 17 percent. Prices held steady though, with average sales continuing in the seven figures, according to the breakdown provided monthly to Essentials by the Houston Association of Realtors.
Altogether, 60 homes changed hands in the two cities in June of this year, compared to 82 in June 2021 when the area slowly emerged from the restrictions of the COVID pandemic.
The dropoff was at a far faster pace than that of the overall Houston market, which fell 8.6 percent, the third monthly decline in a row. The rest of the luxury segment — homes priced at $1 million and up — slipped 2.3 percent, its first decline in two years.
The $500,000 to $1 million home level was the healthiest performer in the Houston market, with a 22 percent year-over-year gain.
Analysts attributed the local slowdown to a “perfect storm” of diminished inventory, record prices and rising interest rates on top of concerns about inflation. Ironically though, the sales slowdown and a steady supply of new listings helped boost inventory to the most plentiful level since November 2020.
As of July 31, 107 properties were on the market in the 77401 ZIP code, and 142 up for sale in the 77005 area.