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

 
Houston Real Estate Bounces Back After Harvey – September 2017 HAR Report 1

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;”

 

CATEGORIES SEPTEMBER 2016 SEPTEMBER 2017 CHANGE
Total property sales 7,885 8,150 3.4%
Total dollar volume $2,070,923,189 $2,281,343,090 10.2%
Total active listings 38,045 40,848 7.4%
Single-family home sales 6,636 6,913 4.2%
Single-family average sales price $276,700 $291,767 5.4%
Single-family median sales price $219,900 $232,000 5.5%
Single-family months inventory* 3.9 4.1 0.2 mos.
Single-family pending sales 5,839 6,606 13.1%

* 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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