Houston Real Estate Market Report October 2018
The Houston Association of REALTORS® (HAR) just released their monthly MLS report which showed that October marks the return of normalcy in regards to overall market activity following skewed home sales figures from Harvey in August and September. October showed gains in both sales volume and pricing.
The report showed gains across-the-board in October, with increases seen in single-family home sales, total property sales, total dollar volume and pricing compared to this time last year. Pending sales increased 5.4% to 7,039 sales. Total active listings rose 7.3% to 41,061 listings. Single-family homes inventory rose slightly to 3.9-months supply (4.4 months is the current national average according to the National Association of REALTORS®). Single-family home sales increased 4.7% to 6,716 homes sold. The single-family home median price rose 3.6%t to $234,653. The average price increased 3.5% to $294,500. Both record highs for an October. Sales of all property types jumped 6.0% to 8,127 sales.
Lease Property Update
There was a 7.3% increase in single-family home rentals while leases of townhomes and condominiums showed a 6.8% decrease. Average rent for single-family homes decreased 1.1% to $1,754. Average rent for townhomes and condominiums increased 1.2% to $1,550.
Townhome and condominium sales declined 2.9% to 534 units sold. Average price increased 4.9% to $206,838. The median price decreased 2.2% to $152,900. Inventory increased 0.6 months to 4.3 months of inventory.