Shocking Numbers For Luxury Sales As Hurricane Beryl Disrupts Houston Housing Market in July

The Greater Houston real estate market was significantly impacted by Hurricane Beryl which left more than 2.2 million households without power for days. While the storm delayed some closings, increased sales activity in the high end of the market contributed to overall single-family home sales growth in July.

According to the Houston Association of Realtors’ (HAR) July 2024 Market Update, single-family home sales across the Greater Houston area rose 1.8 percent year-over-year. The Houston Multiple Listing Service (MLS) recorded sales of 7,635 units compared to 7,501 last July. Months supply of homes expanded from 3.1 to 4.3.

High-end market sales outpaced last July’s figures. The luxury segment ($1 million+), which represents 4.5 percent of all homes on the market, experienced a 14.2 percent increase in sales. That was followed by the segment that consisted of homes priced between $500,000 and $1 million, which rose 9.1 percent year-over-year. Sales of homes priced between $250,000 and $500,000, which makes up more than half of all homes on the market, were statistically flat. All other housing segments continued to see a slowdown in sales. HAR will publish its July 2024 Rental Home Update on Wednesday, August 21.