Houston Home Sales on the Rise, Gains in Lower-End of Market
Houston home sales are 3.3 percent ahead of where they were this time in 2016, Houston Association of Realtors said in a recent press release.
According to the Houston Business Journal, 6,184 single-family homes were sold in November, which a 7.4 percent increase from 2016. This marks the third consecutive month of year-over-year gains since Hurricane Harvey.
In November, total property sales also increased by 4.9 percent. Single-family home prices also hit record highs with the median price increasing by 0.3 percent to $225,725. However, townhome and condominium sales, decreased 3 percent to 483 units.
The Houston housing market had the strongest sales gains in the lower-end of the market, according to the Houston Chronicle. Homes ranging in price from $100,000 to $250,000 increased, while the demand for luxury homes declined compared to 2016, with sales falling 3.9 percent for homes priced at $750,000 and above. The Houston Business Journal reports that sales of homes priced between $100,000 and $149,999 decreased 15.4 percent, while sales grew 23 percent for homes priced below $100,000.
“November was definitely a month for giving thanks as the Houston real estate market continued its post-Harvey comeback; however, the challenge remains meeting consumer demand with inventory levels that are very low,” says HAR Chair Cindy Hamann with Berkshire Hathaway HomeServices Anderson Properties.
Since flood-damaged houses have been pulled off the market and homeowners affected by Harvey have been adding to the housing demand, the housing inventory in Houston is still constrained. “The key to boosting supply will be restoring salvageable homes to sellable condition and ramping up new construction, both of which we want to see sooner than later,” says Hamann.