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What recession? Houston housing market soars again in November

by Kerrie Kennedy

What recession? Houston housing market soars again in November

Historically low inventory, the start of the holiday season and the lingering coronavirus pandemic did not sway Houston buyers in November.

According to the latest monthly report from the Houston Association of Realtors, Houston home sales continued to set records last month, with nearly 8,000 completed transactions as compared to 6,359 a year earlier. That 25.6% year-over-year increase marked the sixth straight month of positive sales.

Homes priced at $750,000 and above led the way, skyrocketing 88.4% year over year. Homes priced between $500,000 and $750,000 climbed 72.2% from a year earlier, while homes between $250,000 and $500,000 — the market’s biggest share of sales — rose 50.3%.

Along with sales, single-family home average prices were up 15% to a historic high of $341,765 while the median price increased 12% to $270,000, the second highest level of all time.

Year-to-date sales are currently 9% ahead of 2019’s record pace, said HAR, and sales of all property types were up 28.1% from November 2019.

“In my 50 years in the real estate business, I have never seen a market defy supply and seasonality the way Houston has — amid a pandemic, no less,” said HAR Chairman John Nugent in a press release. “It’s quite extraordinary to watch consumers take advantage of historically low interest rates and be able to choose their dream homes from among the tightest housing inventory this market has ever experienced.”

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