Brand new homes explode in Houston

For those looking to move to new homes in Kingwood or the suburbs of Houston, the market is looking up, as Houston ranks among healthiest housing markets.

Global uncertainties, plummeting stock prices and further slumps in the oil market don't seem to be hindering Houston's housing market.

Houston was ranked No. 11 out of 62 U.S. cities with more than 300,000 residents, the report found. Analysts compared 300 cities nationwide across 14 metrics, including foreclosure rate, median home price, vacancy rates, population growth and unemployment rates to determine their "health." Seven other Texas cities were on the list of large cities analyzed. Only two scored higher than Houston, though all ranked in the top half of the list.

It's no surprise that Houston's housing market is doing well. In July, single family home sales broke an all-time record, totaling 8,147 sales, the Houston Association of Realtors reported Aug. 12. The previous all-time record was set only the month before with 7,935 sales. Total property sales also increased 6 percent year over year to 9,653, and total dollar volume was up 11.9 percent to $2.69 billion in July.

According Chron.com Houston has had another strong month in July as buyers closed on an estimated 8,147 single-family homes, new data from the Houston Association of Realtors show.

Sales were up 6.7 percent in July from a year earlier, according to the association, which estimates the figures to account for late reporting and other anomalies. The figures are later revised.

Last month, the group reported a 4.1 percent increase in sales for June, while revised calculations show a less that 1 percent increase. That number, however, could change again as the data continues to be adjusted each month.

Sales of high-end homes continued to be strong in July, while activity in the lower-priced market declined. Overall, the market has so far remained resilient amid a weakening economy.

"The Houston housing market has been blessed with another solid month of gains," the association’s chairwoman Nancy Furst said in a statement. "Despite lingering concerns about falling oil prices and layoffs within the energy industry, I believe the strength of Houston’s housing market continues to be buoyed by our tremendously diverse economy."

Inventory levels, which have been unusually low for the last couple years, have been slowly inching up.

In July, the estimated time it would take to exhaust the supply of homes on the market based on the last 12 months of sales activity increased to a 3.4-month supply. Experts consider a roughly 6-month supply of homes to represent a balanced market where neither buyer nor seller have the upper hand. The time it took to sell the average home was 45 days. The median price of a home also increased in July to $220,000, up 8.6 percent from a year earlier. The median hit a record high in June at $225,000.

Year-to-date, single-family home sales were flat at 43,559, according to the data, which is based on sales handled through the Multiple Listing Service primarily in the Harris, Fort Bend and Montgomery counties.

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