According to the December 2017 Houston Association of Realtors (HAR) report, 2017 was a record year for Houston Real Estate despite the effects of Hurricane Harvey.  Year-to-date single family home sales, average price, and median price all hit record levels, rising 3.5%, 2.9%, and 3.8% respectively.

Broken out by housing segment, December sales performed as follows:

  • $1 – $99,999: increased 5.7 percent
  • $100,000 – $149,999: decreased 7.3 percent
  • $150,000 – $249,999: increased 4.5 percent
  • $250,000 – $499,999: increased 9.1 percent
  • $500,000 – $749,999: unchanged
  • $750,000 and above: decreased 11.2 percent

Volume of luxury homes (above $750,000), decreased for the second month in a row in December, down 11.2% from 2016.

The year-to-date single family median home price rose 2.9% over 2016, reaching a new all-time high of $229,900.
2017 A Record Year for Houston Real Estate Despite Harvey – December 2017 HAR Report 1

Months of inventory declined to 3.2%, from 3.4% a year ago, with the market still trying to make up lost supply from Harvey.

Here are some interesting quotes and statistics from the report:

“Despite the devastation caused by Hurricane Harvey, 2017 proved to be a record year for Houston home sales with 79,117 single-family homes sold versus 76,450 in 2016, the last record-setting year. That represents an increase of 3.5 percent;”

“Total dollar volume for single-family homes in 2017 rose 6.5 percent to $23 billion;”

“December single-family home sales climbed 4.1 percent year-over-year with 6,875 units sold;”

 

CATEGORIES FULL-YEAR 2016 FULL-YEAR 2017 CHANGE
Single-family home sales 76,450 79,117 3.5%
Total property sales 91,530 94,726 3.5%
Total dollar volume $21,645,218,533 $23,049,934,248 6.5%
Single-family average sales price $283,133 $291,340 2.9%
Single-family median sales price $221,500 $229,900 3.8%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

 

 

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