This past November was the 5th consecutive positive month for home sales in the greater Houston area according to the latest Houston Real Estate Market Report released by the Houston Association of REALTORS®. Low mortgage interest rates continue to play a role in helping to keep this housing market on track for record hitting numbers for 2019.
Single-family home sales across greater Houston increased 3.6% to 6,395 home sales this past November. On a year-to-date basis, home sales have stacked up 4.1% ahead of 2018’s record volume. Home sales of homes priced between $250,000 and $500,000 increased 12.5%. Homes in the $500,000 to $750,000 range increased 5.2%, while homes priced from $750,000 and above, decreased 9.1%.
The median price of single-family homes increased 2.5% to $240,900 and the average price of single-family homes increased 1.1% to $297,831, both record highs. Total active listings increased 5.2% to 42,139 active listings. Pending sales of single-family homes increased 23.5% to 6,925 pending sales. Monthly housing inventory remained steady at a 3.8-months supply. Sales of all property types increased 2.1% to 7,577 units sold in November. Days on Market decreased 1 day to 59 days. Total dollar volume rose 3.4% to $2.2 billion.
Lease Property Update
Single-family home leases decreased 1.3% while leases of townhomes and condominiums decreased 8.7%. The average rent for single-family homes increased 2.6% to $1,775 and the average rent for townhomes and condominiums remained steady at $1,500.
Sales decreased 5.1% to 467 units sold. The average price increased 3.4% to $218,440 and the median price increased 2.5% to $168,625. Monthly housing inventory increased 0.5 months to a 4.6 months supply.