Despite elevated mortgage rates, Houston home sales surpassed 2023 volumes for the third month in a row in November, according to the latest Housing Market Update from the Houston Association of REALTORS® (HAR).

Single-family home sales rose 6% last month, with 6,559 homes sold compared to 6,187 in November 2023. This is likely due to low mortgage rates in September and October, which attracted buyers to the market, HAR said.

The strongest sales were seen in the luxury segment, with home sales in the $1 million-plus price range increasing 21.4% year over year.

Pending sales also jumped 22.2%, with 6,816 properties going under contract.

“Houston’s housing market continues to demonstrate its strength and stability, even with rising mortgage rates,” HAR Chair Thomas Mouton said in the report. “This positive momentum bodes well for both buyers and sellers as we enter the home stretch of 2024. While increased inventory is attracting more people to the market, we know that many consumers remain cautious due to concerns about interest rates and inflation.”

The average price rose 4.1% to $418,903, while the median rose 1.5% to $329,990. Meanwhile, price per square foot increased by $3 year over year to $175.