Three homebuilders have started sales in a Houston development at a time when new listings are up and prices are down.
Drees Custom Homes, Perry Homes and Westin Homes are planning more than 300 homes in a first phase at Everly in northwest Harris County, according to master developer Johnson Land Ventures. The project will have more than 1,000 homes at buildout, Johnson Land said.
Prices for homes in the first phase range from the $390,000s to the $570,000s, and the builders have started model home construction, according to the developer. Lots range from 45 to 60 feet deep.
The launch comes as Houston home listings set records, leading to price declines.
The number of Houston homes, townhouses and condos listed for sale eclipsed 44,000 last month, the most out of the 40 largest U.S. housing markets, according to Homes.com. Listings surged 30.9% from a year earlier, recording the eighth-largest percentage increase among the 40 markets.
At the same time, the year-over-year median sale price of $340,000 was down 2.9%, the third-largest fall.
"The market in Houston is slowly, but surely, shifting in favor of buyers," said Itziar Aguirre, senior director of market analytics for Homes.com. "There are signs of oversupply in Houston’s housing market, especially in the condo and townhomes segments. Listings are at an all-time high and prices are falling, giving buyers more negotiating power."
Still, Everly has inherent advantages, according to Michael Cox, president of Johnson Land.
“We think the strong builder mix, price point and excellent location near major employment centers, the Grand Parkway and Mueschke Road will hold strong appeal for those seeking the advantages of a newly built home,” he said in a statement.
The 318-acre development is planned to also have an amenity complex expected to open in 2026, according to Johnson Land.