The September 2017 Houston Association of Realtors (HAR) report showed the resilience of the Houston real estate market. A month after Hurricane Harvey, Houston single-family home sales rose 4.2% year over year compared to a 24% drop in August.
Houston home sales are up 2.3% on a year-to-date basis, despite the large dip in August.
The single-family median home price rose 5.5% year-over-year to $232,000.
The Luxury market in Houston remained strong, with a 4.2% increase in volume year-over-year.
All of these numbers are very impressive considering the havoc caused by Harvey.
Broken out by housing segment, September sales performed as follows:
- $1 – $99,999: decreased 20.7 percent
- $100,000 – $149,999: decreased 23.2 percent
- $150,000 – $249,999: increased 6.0 percent
- $250,000 – $499,999: increased 14.8 percent
- $500,000 – $749,999: increased 20.4 percent
- $750,000 and above: increased 4.2 percent
Months of inventory rose to 4.1 from 3.9 a year ago, although down from 4.4 before Harvey struck.
Here are some interesting quotes and statistics from the report:
“On a year-to-date basis, single-family home sales remain 2.3 percent ahead of the 2016 volume, despite Harvey’s effect on Houston housing;”
“Leases of single-family homes shot up an unprecedented 83.6 percent with average rent up 7.9 percent to $1,886;”
“Volume of townhome/condominium leases surged 92.2 percent with average rent up 5.4 percent to $1,601;”
* 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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