There was some cooling of the Houston real estate market according to the latest Houston Housing Market Report released by the Houston Association of Realtors®. However, there were no lingering effects from Harvey as there had been in August. The report stated sales of all property types decreased 4.4% to 7,842 sales. Total dollar volume decreased 3.5% at $2.2 billion. With lower inventory, higher interest rates and back-to-school, it’s no surprise that the market has slowed done.
Single Family Homes
There was a 5.8% decrease in single family homes sales with 6,548 single-family homes sold compared to 6,953 last September. For the year, home sales are 5.6% ahead of 2017’s record volume. The median price increased 0.2% to $232,500, and the average price increased 1.2% to $295,765, both record highs. Pending sales increased 9.0% to 6,630 pending sales. Total active listings climbed 5.7% to 41,560 active listings. Housing inventory remains tight, increasing 0.1 months to 4.0 months. Existing home sales decreased 4.6% to 5,485 sales. Average sales price fell 0.5% to $279,043.
Activity took a dive in September. Single-family home rentals dropped 35.4% while leases of townhomes and condominiums pummeled 44.5%. The average rent for single-family homes decreased 4.0% to $1,812. The average rent for townhomes and condominiums decreased 1.0% to $1,584. Both decreases were due to a decrease in volume.
Townhomes and condominiums also experienced a slowdown in September, as sales decreased 6.1% with 511 units sold compared to 544 in September 2017. The average price dropped 6.6% to $191,967 and the median price remained steady at $159,450. Inventory rose 0.5 months to 4.4 months.