July Housing Report

July Results for Zip Code 77441

As the below indicates, the trend lines unite to support that the market is slowing. Yet, it’s just doing so from record breaking highs. Notice the “Months of Supply”. As insight, a balanced market is where there is a (6) month supply, which is healthy for both Buyers and Sellers. Another fact supporting the downward trend, is that 28% of the homes that Sold in July, had to reduce their Price. And, as mentioned in the video, there is already a higher percentage of the Active listings that are reducing their List Price.

July Results by Community

Weston Lakes: 

​“Steady” is an apt description of the results. The number of Active homes on the market remained the same at (8). Of these though, (2) are priced well above $1 million and both will take a special Buyer. So, there are really just (6). The number in Pending dropped 33% to total (8). That’s mostly due to lack of supply though. Can’t sell a lot of homes if there aren’t many for sale. There were (9) homes that Sold. That was respectable, especially since they did so with an average price of $686,167 and at $192 per square foot. This also indicates prices are holding steady.

Fulbrook:  

​​There was no change with the (2) Active homes on the market. The rewarding news was found in Pending Status. There are now (3) total and (2) that were on the market less than (8) days. That’s good news. What’s even more impressive? One was Listed for $2.8 million and at nearly $500 per square foot. Both figures are a record. This further establishes Fulbrook as perhaps the finest estate lot community in Houston.

Fulbrook on Fulshear Creek: 

Active inventory dropped slightly to (39) from a near all-time high of (42). However, just (11) were Resales.  Unfortunately, most are approaching (30) days on the market and (7) have already had price reductions. There were (7) homes that Sold and the inside numbers were up slightly from June, with July witnessing an average Sales Price of $650,935 and $198 per square foot.

Cross Creek Ranch: 

​New Sections opened which allowed more New Homes to enter the market. And, that they did! The Active Inventory rose dramatically from (74) to end July with (107).  The number in Pending Status rebounded too, from a huge drop in June, and then rose back up to end July with (57). They did so impressively, averaging just over $610,000 and at an all-time high of $206 per square foot.

Fulshear Run:

​There was no change in Activity. There are (5) Active homes on the market and not a change from June.

Polo Ranch: 

It’s always a “mystery” on how to report their results. Active inventory declined from (38) in June to end July with (26). There were also (23) homes in Pending Status, yet only (4) that Sold. The mystery is how every month there are so many in Pending, yet they never show up to be reported as Sales.  Oh well, I can only report what is given…