Houston new homes sales declined in July

The latest report on home sales showed in impressive decline of new home sales in July in Houston. June represented 315,000 homes sold, instead of July, when only 276,000 of the available inventory was sold. The 12.4% drop was the lowest on record for new home sales.

The United States Commerce Department reports a 32.4 percent drop in new homes sales within a year. Real estate pundits looked for new homes sales to be just marginally lower i July with the consensus being 314,000 homes sold last moth.

The latest report coming from the National Association of Realtors showed existing home sales in July fell 27.2 percent, double what the street’s consensus would be.

According to real estate experts the sudden drop in new home sales comes as a result of the homebuyer’s tax credit program ending.

During the previous month a total of 5,056 properties were sold, and the dollar volume took a similar dip in a July to July comparison: down 23.9% to $1.1. billion from $1.4 billion.

Houston pending sales were 3,267 in total, which is a decrease of 16.4% from the 3.99 pending sales in July past year.

There are low plus signs also in Houston: the average price of single family house rose 2.7% from $218,943 in July 2009 to $224,764 last month. That’s the highest average sales price of a single family home recorded since 2008.

Posted by Istvan Fekete on Sep 3 2010. Filed under Housing. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.