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.
Houston Real Estate Remains Resilient – November 2017 HAR Report 1

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”

 

CATEGORIES NOVEMBER 2016 NOVEMBER 2017 CHANGE
Total property sales 6,932 7,270 4.9%
Total dollar volume $1,839,212,584 $1,994,224,080 8.4%
Total active listings 36,318 37,914 4.4%
Single-family home sales 5,758 6,184 7.4%
Single-family average sales price $281,655 $284,250 0.9%
Single-family median sales price $224,995 $225,725 0.3%
Single-family months inventory* 3.6 3.7 0.1 mo.
Single-family pending sales 5,286 6,218 17.6%

* 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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