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The supply of homes for sale has gone up for the first time in more than a year, a new report shows, a welcome sign in Houston’s constrained housing market. Inventory of single-family homes for sale ticked up to 3.4 months in July, up from the 3.3 month-supply recorded in June, according to a monthly report from the Houston Association of Realtors. While supply may be loosening, demand continues to soar. Buyers closed on 7,704 single-family homes in July, a 23.3 percent increase over the same month last year and the highest one-month sales volume of all time. Townhouses and condominium sales spiked 29.3 percent, with 680 units selling in July. The median price increased 10.8 percent to $146,250. Single-family homes selling from $250,000 into the millions registered the greatest increase in sales volume. [Read this article]
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