The November 2017 Houston Association of Realtors (HAR) report is out, showing Houston’s continued resiliency in the aftermath of Hurricane Harvey. Despite the natural disaster, Houston single-family home sales are 3.3% ahead of last 2016’s year-to-date pace.
Broken out by housing segment, November sales performed as follows:
- $1 – $99,999: increased 23.0 percent
- $100,000 – $149,999: decreased 15.4 percent
- $150,000 – $249,999: increased 14.3 percent
- $250,000 – $499,999: increased 9.9 percent
- $500,000 – $749,999: increased 12.6 percent
- $750,000 and above: decreased 3.9 percent
All segments except for two showed increases in sales volume. The luxury market (homes above $750,000), showed it’s first decrease in many months, dipping 3.9% year over year.
The single family median home price rose .3% over last year, reaching a new all-time November high of $225,725.
Months of inventory was 3.7, up from 3.6 a year ago, which is encouraging considering the loss of supply during Harvey.
Here are some interesting quotes and statistics from the report:
“Single-family home sales continued their post-Hurricane Harvey comeback as volume rose 7.4 percent year-over-year with 6,184 units sold”
“The single-family home median price rose a fractional 0.3 percent to $225,725, which represents a November high”
“The single-family home average price increased 0.9 percent to $284,250, also the highest level for a November”
“Single-family homes months of inventory grew year-over-year to a 3.7-months supply, but is down from a 4.3-months pre-Harvey peak – the result of a surge in consumer demand for housing”
“Single-family home sales remain 3.3 percent ahead of 2016’s year-to-date volume”
“Days on Market (DOM) for single-family homes increased from 57 days in November 2016 to 61 days this November”
* 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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