According to the October 2017 Houston Association of Realtors (HAR) report, Houston’s real estate market continued to show strength in the aftermath of Harvey, and particularly in the high end of the market. Sales of homes over $750,000 increased 18.7% over October 2016, signalling a continued boom in the luxury market.
Broken out by housing segment, October sales performed as follows:
- $1 – $99,999: decreased 2.9 percent
- $100,000 – $149,999: decreased 18.5 percent
- $150,000 – $249,999: increased 13.7 percent
- $250,000 – $499,999: increased 14.4 percent
- $500,000 – $749,999: increased 2.2 percent
- $750,000 and above: increased 18.7 percent
The single family median home price rose 3.9% over last year, which is another strong, steady number which has become the hallmark of the Houston market.
Months of inventory came down to 3.8 from 4.1 last month and 3.9 a year ago, due to the squeeze that Harvey has put on housing supply.
Here are some interesting quotes and statistics from the report:
“Single-family home sales continued their post-Hurricane Harvey rebound as volume rose 7.5 percent year-over-year with 6,381 units sold;”
“Single-family home sales remain 2.8 percent ahead of 2016’s year-to-date volume;”
“The single-family home median price rose 3.9 percent to $226,491, which represents an October high;”
“The single-family home average price increased 2.7 percent to $285,858, also the highest level for an October;”
“Single-family homes months of inventory grew year-over-year to a 3.9-months supply, but is down from a 4.3-months pre-Harvey peak – the result of a surge in consumer demand for housing;”
* 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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