With the holidays right around the corner, it is no surprise that the Houston housing market has slowed, however, not enough to deviate from its record-setting pace.
According to the latest MLS Press Release released by the Houston Association of Realtors, there was a 2.0% decline in single family homes with 6,159 homes sold compared to 6,285 a year earlier. Total active listings increased 8.9% to 40,530. Inventory rose from a 3.6-months supply to 3.9 months. The median price of a single-family home increased 4.4% to $235,000 and the average price climbed 4.3% to $295,084, both record highs for November. Days on Market improved to 60 from 62 last November. The total dollar volume for November increased 3.9% to $2.1 billion.
Lease Property Update
Single-family home leases leaped 15.3% and townhome and condominium leases slightly increased 0.6%. The average rent for single-family homes decreased 1.3% to $1,743 and the average rent for townhomes and condominiums slightly increased 0.5% to $1,505.
In November, townhome and condominium sales decreased 2.8%, with 488 units sold from 502 a year earlier. The average price jumped 9.0% to $213,043 and the median price increased 4.5% to $165,000. Inventory increased from a 3.7-months supply to 4.1 months.