According to the Houston Association of Realtors (HAR), October was the second month to experience a decline in home sales, the first was July. The reason for buyers to step back might be because of the limited housing inventory.
While home prices appreciated where single-family home average price climbed 13.1% to $377,631, single-family homes sales fell 5.2% versus last October, with 8,703 units sold. Moreover, homes priced from $500,000 to $1M lead the way with a 23.1% year-over-year increase. Luxury homes priced from $1M and above saw a 20.4% year-over-year jump in sales.
Here’s a quick summary of the Houston Home Sales and Housing Market overview for October.
HAR: Houston Real Estate Housing Market Highlights in October
- Total property sales fell 3.1% with 10,756 units sold.
- Single-family home sales down at 5.2% with 8,703 units sold versus 9,183 in October 2020.
- The single-family average price increased 13.1% to $377,631.
- The single-family median price rose 14.7% to $305,000.
- Single-family home rentals fell 3.4% with the average rent up 9.7% to $2,092.
- Townhome and condominium leases fell 1.3% with the average rent up 7.3% to $1,712.
October Sales by Housing Segment
- Home prices $1,000,000 and above – 20.4% increase
- Homes prices $500,000 to $999,999 – 23.1% increase
- Homes priced $250,000 -$499,999 – 17.5% increase
- Homes priced $150,000 – $249,999 – 39.1% decrease
- Homes priced $100,000 – $149,999 – 42.3% decrease
- Homes priced $1 – $99,999 – 20.8% decrease
October Single-Family Homes Update
- August single-family home sales quickly rebounded from July’s negative report, climbing 8.5% with 9,890 units sold across the greater Houston area compared to 9,118 a year earlier.
- The single-family home average price increased 14.0% to $380,233.
- The single-family home median price jumped 15.2% to $310,000.
October Lease Property Update
- Single-family lease homes fell 3.4% year-over-year.
- Leases of townhomes and condominiums increases 1.3%.
- Average rent for single-family homes rose 9.7% to $2,092.
- Average rent for townhomes and condominiums increased 7.3% to $1,712.
October Monthly Market Comparison
About ApexPro Real Estate
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