Houston buyers continued to snap up homes in October
Amid a shrinking supply of housing inventory and growing coronavirus cases, Houston home sales continued their climb in October to what looks like a record-breaking year.
According to the latest Houston Association of Realtors Market Update, 9,287 single-family home sales compared to 7,187 a year earlier. The 29.2% increase marks the fifth straight month of positive sales.
Once again, the high end of the market saw the greatest sales volume, as sales for homes priced at or above $750,000 rose 81.6% compared to a year earlier. Sales of homes priced between $500,000 and $750,000 climbed 78.4% year over year and sales of homes priced between $250,000 and $499,999 increased 52.5%.
Meanwhile, the lower end of the market recorded far fewer sales, with sales of homes priced between $150,000 and $249,999 rising only 12.2% year over year.
Median prices were also up in October. Single-family median prices rose 11.1% to $266,685 while the average price increased 12.4% to $334,996, both record highs for an October.
According to HAR, year-to-date sales are currently 7.7% ahead of 2019’s record pace.
“There was no way to anticipate that the Houston housing market would move at such incredible velocity when coronavirus struck, but I believe it is a testament to the importance of meeting consumers’ housing needs during a pandemic and the dedication of hard-working real estate professionals throughout our community,” said HAR Chairman John Nugent in the report.
Meanwhile, new listings entering the market continued to slow down, as inventory shrunk to a 2.4-month supply compared to 3.8 months a year earlier. According to HAR, the last time inventory dropped that low was in December 2014.
Kennedy, Kerrie. “Houston buyers continued to snap up homes in October.” Houston Agent Magazine, 12 Nov. 2020, https://houstonagentmagazine.com/2020/11/12/houston-buyers-continued-snap-homes-october. Accessed 12 Nov. 2020.