Area Real Estate News & Market Trends

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Oct. 19, 2020

LOCAL MARKET TRENDS

Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 40,000 REALTORS® 
HOUSTON HOME SALES STAGE A SEPTEMBER SURGE

Inventory shrinks to its lowest level in nearly six years
 
HOUSTON — (October 14, 2020) — Houston’s sizzling summer of home sales extended into September as consumers continued to take advantage of historically low mortgage interest rates amid a pandemic. Once again, the high end of the market experienced the greatest increase in sales volume, with mid-range homes also drawing strong activity. The sales frenzy, combined with a steady decline in the number of homes entering the market in recent months, has sent inventory to its lowest level in almost six years, making a sales slowdown inevitable as would-be buyers are left with a narrower selection of homes.
 
According to the latest Houston Association of Realtors (HAR) Market Update, 9,101 single-family homes sold in September compared to 7,050 a year earlier. That translates to a 29.1 percent increase and marks the fourth straight month of positive sales.
 
Homes priced at $750,000 and up leapt 81.5 percent compared to September 2019. That was followed by the $500,000 to $750,000 housing segment, which jumped 58.1 percent year-over-year.  Homes between $250,000 and $500,000 – which comprise the market’s biggest share of sales – also achieved significant increases over last year.
 
The single-family home median price rose 8.3 percent to $265,000 while the average price increased 10.1 percent to $329,801. Both figures are record highs for a September. Year-to-date sales are currently 5.4 percent ahead of 2019’s record pace.
 
Sales of all property types totaled 11,137 – up 31.9 percent from September 2019. Total dollar volume for the month surged 43.6 percent to $3.4 billion. The lease market cooled in September, with declines in single-family housing while townhouse/condo leases were unchanged year-over-year.
 
 “September sales defied expectations with many Realtors busier than ever, however we anticipate that the pace of sales will soon slow down since there just aren’t a whole lot of homes out there for consumers to buy,” said HAR Chairman John Nugent with RE/MAX Space Center. “Houston real estate has been performing so well, as a matter of fact, that our HAR membership now exceeds 41,000, so a lot of folks are energized about our flourishing industry.”
 
Lease Property Update
Posted in Market Updates
July 31, 2017

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