Housing sales slowed significantly in West University and somewhat in Bellaire during the month of May, compared to the same month last year — but prices continued to soar into stratospheric seven-figure levels.
Figures supplied monthly to Essentials by the Houston Association of Realtors showed a 28.6 percent drop in sales in West U, down 7.1 percent in Bellaire — but still, a total of 56 homes changed hands in the two cities.
In Bellaire, the average price of home was up 17 percent, to $1.1 million, and the average in West U rose nearly 25 percent in May, to $1.66 million.
With housing inventory still near the lowest levels in history and mortgage rates climbing, more and more homebuyers are turning to Houston’s rental market, according to HAR, with year-over-year single family home rentals jumping 25 percent year-over-year in May and listings rising by nearly 30 percent.
In Bellaire, 19 homes were listed for rent on HAR at Essentials’ deadline, and 31 for rent in the 77005 ZIP code.
It’s being dubbed a “West U Acre” (actually .87 acres) and called “the largest parcel of land ever offered in West University” — a double lot at 3615/3619 Pittsburgh St., with an asking price of $5.3 million cash.
The lot is wooded but cleared of structures, in the same neighborhood as the Jennie Elizabeth Hughes Park, which sits on residential land left to the city by a lifelong resident. David Atkins with Martha Turner-Sotheby’s International Real Estate is the agent handling the new listing.