According to the latest monthly report released by the Houston Association of Realtors®, the Houston housing market has yet to slow. Consumers are continuing to take advantage of the low mortgage interest rates and are keeping a normally slowing market buzzing. Sales of all property types jumped 9.5% totaling to 8,430 units sold this past September.
Single-family home sales across the Houston area increased 9.5% to 7,035 home sales this past September – the 2nd largest single-month volume of the year. Homes in the $250,000 to $500,000 range increased 18.7%, homes in the $500,000 to $750,000 range saw an increase of 12.6%, while the luxury segment, homes priced from $750,000 and up, declined 2.6%. The single-family home median price increased 4.7%, a record high for a September, to $244,000. The single-family home average price rose 1.5% to $298,947, also a record high. Days on the market, or the number of days it took the average home to sell, increased by 2 days to 55 days. Monthly housing inventory edged up 0.1 months to a 4.1-months supply. Total dollar volume increased 10.8% to $2.4 billion.
Lease Property Update
Single-family home leases increased 6.9% and townhome and condominium leases increased 1.7%. The single-family home average rent increased 1.5% to $1,838 and the townhome and condominium average rent remained flat at $1,589.
September townhome and condominium sales increased 8.2% to 538 units sold. The average price increased 3.5% to $200,728 and the median price increased 6.3% to $170,000. Monthly housing inventory increased 0.3 months to a 4.6 months supply.