According to the Real Estate Market Report just released from the Houston Association of Realtors (HAR), continued low mortgage interest rates kept the Houston housing market strong with home sales up for a fourth consecutive positive month. Single-family home sales across the greater Houston area jumped 8.1% to 7,231 home sales in October. On a year-to-date basis, single-family home sales are up 4.2% ahead of 2018’s record volume, indicating that 2019 will be a record breaking year for the local real estate market.
Homes priced between $500,000 and $750,000 increased 13.0%, followed closely by a 12.9% gain from homes in the $250,000 to $500,000 range. The luxury segment – homes priced from $750,000 and above – remained unchanged compared to last year.
The single-family median price increased 2.1% to $239,900 and the average price increased 1.3% to $298,354, both record highs for an October. Monthly housing inventory increased 0.1 months to a 4.0-months supply. Days on Market increased in October by 1 day to 59 days. Sales of all property types increased 6.2% to 8,579 units sold. Total dollar volume increased 7.9%t to $2.4 billion.
Lease Property Update
Single-family home leases increased 2.4% while leases of townhomes and condominiums decreased 15.2%. The average rent for single-family homes increased 2.3% to $1,795 while the average rent for townhomes and condominiums remained unchanged at $1,543.
Townhouse and condominium sales decreased 3.2% to 510 units sold. The average price decreased 5.2% to $199,045 however, the median price increased 6.8% to $164,500. Inventory increased 0.4 months to 4.7 months.