Houston posted another great month of sales activity in October, with a number of positive factors contributing to the outcome.
Houston home sales were positive for the 29th straight month in October, posting a 13.5 percent year-over-year increase, according to the newest analysis by the Houston Association of Realtors (HAR).
Not only that, but with 6,020 single-family home sales, housing inventory fell yet again, dropping to just 3.1 months; that’s down from 4.4 months in October of last year.
No Wintry Slowdown for Housing in Houston
Though October’s sales volume was the lowest in six months, it reaffirmed that there has been little seasonal slowdown in Houston’s housing market. Here were five other highly encouraging signs:
- Median price for single-family homes rose 8.9 percent to $177,500, while average price rose 7.9 percent to $239,773; both are the highest ever for an October in Houston.
- Foreclosure sales fell a whopping 46.9 percent year-over-year, as Houston’s stock of distressed properties continued to fall; foreclosures made up just 7.5 percent of sales in October, down from 19.6 percent at the start of the year.
- At $17.7 billion through October, Houston has now set a new record for total dollar volume, surpassing 2007’s level of $16.6 billion.
- Condo and townhouse sales were up 20.0 percent from last year, with average price rising 12.5 percent and median price staying flat. Inventory for that sub-market is currently just 2.9 months.
- Finally, the most expensive listings in Houston continue to generate the largest increases in sales: home sales for residences priced $80,000 to $149,999 increased 7.1 percent; sales of home priced $150,000 to $249,999 increased 26.1 percent; sales of homes priced $250,000 to $499,999 increased 23.6 percent; and homes priced $500,000 to $1 million rose 21.3 percent.
Home Sales Showing “No Sign of Letting Up”
Danny Frank, the chairman of HAR, said October’s numbers show the strength of Houston’s market, though he did preach caution in such a hot marketplace.
“Home sales have shown no sign of letting up, which illustrates the strength of the Houston economy and its continued job growth,” Frank. “Unfortunately, the home buying frenzy has also sparked a recent wave of scams in which for-sale properties are falsely advertised in online listings as rentals with scam artists trying to take advantage of unsuspecting consumers. HAR urges consumers to always work with a Realtor and remember that a deal that sounds too good to be true most likely is too good to be true.”