Houston Market Report: November 2015

Norhill Realty December 22, 2015

Although flattening out, Houston home prices for November continue to grow year-over-year.  The average home price rose 3.7 percent from last year to $303,966 — up from $293,103 in November 2014 — while median prices jumped 3 percent year-over-year to $195,000, according to data obtained from Houston’s MLS.

Housing inventory remained consistent at 3.5 months across the city from October, but don’t be fooled into thinking that means a long and anxious wait if you’re a Seller.  The Houston market is still strong, especially when compared to the current 4.8-months supply of homes nationally.  Additionally, half of all homes in Houston sold in 23 days or less, giving new meaning to getting “home for the holidays.”

NOVEMBER 2015: HOUSTON REAL ESTATE MARKET AT A GLANCE

  • Single-family home sales fell 10.5 percent compared to November 2014, marking the second consecutive monthly decline and sixth month of negative sales volume for all of 2015

  • Total property sales dropped 10.1 percent (5,623 units)

  • Total dollar volume decreased 13.5 percent to $1.4 billion

  • At $262,064, the single-family home average price saw its first decline since February 2012

  • At $200,000, the single-family home median price achieved a November high

  • Single-family homes months of inventory climbed to a 3.4-months supply versus 2.7 months a year earlier

Houston Stats Graph for Nov 2015