Houston housing inventory hits record high in July

What they're saying: "The rising inventory levels have led to modest price adjustments by sellers," HAR chair Shae Cottar said in a statement.

• "While some homeowners are adjusting their expectations, many homes are still attracting solid offers. This is a good indicator that the Houston market continues to be in a relatively healthy and balanced spot."

By the numbers: The single-family median price in July was $339,000, down 3.1% from last July.

• Single-family home sales increased 9.2% year-over-year.
• Inventory for single-family homes climbed to a 5.5-month supply, up from 4.2 months in July 2024.

Zoom out: Home prices are rising in half the country and falling in the other.

• In the South, particularly Texas and Florida, years of heavy construction are now driving prices down.