Houston home sales rise in October

by Rincey Abraham


In good news for the local housing market, the Houston Association of Realtors reports that home sales saw an upswing in October.

Single-family home sales are up 4.7 percent in October compared to last year, rising from 6,417 homes sold in October 2017 to 6,716 homes sold in October 2018. On a year-to-date basis, home sales are up 5.3 percent from 2017’s record-breaking year.

Although inventory grew slightly from 3.7 months to 3.9 months, and total active listings were up 7.3 percent, sales prices are still rising: The median sales price grew 3.6 percent to $234,653, and the average sale price grew 3.5 percent to $294,500.

Homes within every price point $150,000 or higher increased in sales in October, with luxury homes priced $750,000 and higher up 12 percent, and homes priced between $250,000 and $499,999 up 11.6 percent.

“With August and September home sales figures skewed by the effects of Hurricane Harvey, October seemed to mark a return to normalcy in terms of overall market activity,” said HAR Chair Kenya Burrell-VanWormer. “However, we are prepared for slower sales as we wrap up 2018, between the tight supply of homes and the fact that we typically see less activity around the holidays.”

Source: Houston Association of Realtors

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