Although the average single-family home price increased 2.4 percent in January, sales volume was down across the board, even in the hot luxury market (homes over $750,000). According to the February 2019 Houston Association of Realtors (HAR) report, the luxury segment dipped 4.2 percent in volume compared to 8.1 percent for the overall market. This was the first dip in the luxury market in 12 months.
The average single-family home price in Houston reached $277,483 in January, up 2.4% from the year before and reaching a new January record.
January sales volume, broken out by housing segment:
- $1 – $99,999: decreased 13.9 percent
- $100,000 – $149,999: decreased 24.7 percent
- $150,000 – $249,999: decreased 3.5 percent
- $250,000 – $499,999: decreased 7.4 percent
- $500,000 – $749,999: decreased 4.1 percent
- $750,000 and above: decreased 4.2 percent
Months of inventory increased to a 3.7-months supply, up from 3.2 last January.
Here are some interesting quotes and statistics from the report:
“Single-family home sales fell 8.1 percent year-over-year, with 4,100 units sold, marking the third consecutive month of declining sales”
“Total property sales tumbled 8.4 percent, with 5,011 units sold;
Total dollar volume declined 4.4 percent to slightly more than $1.3 billion”
“The single-family home average price increased 2.4 percent to a January high of $277,483”
“Single-family homes months of inventory was at a 3.7-months supply, up from 3.2 months last January and equal to the national inventory level”
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