As the year comes to an end, the Houston Real Estate Market continued to rebound after Hurricane Harvey. Buying remains strong, and total home sales continue to rise. Inventory levels remain tight, which has restricted the number of available homes for home shoppers, but it has served to keep prices up.
According to the latest report from the Houston Association of Realtors (HAR), single family home sales climbed 7.4 percent compared to last November. For the first time in quite a while, the number of sales for single family homes priced at $750,000 and above fell. We anticipate this is a short-term seasonal dynamic, but we’ll take another look next month.
Across all market segments, average home prices in the Houston real estate market rose 2.45 percent to $316,064 year over year ending in October 2017.
According to the Houston Association of Realtors, the 37,914 active listings in November 2017 represented a 4.4 percent increase over November 2016. Pending sales rose to 6,218, a 17.6 percent increase from November 2016, and total home sales rose 4.9 percent to 7,270.
Days on Market, or the number of days it took the average home to sell, rose from 57 last November to 61 days.
Inventory rose year-over-year from a 3.6-months supply to 3.7 months. It was well over 4 months prior to Harvey.
As we enter the new year, Harvey will be less and less of a factor in the market as folks rebuild. Moderately rising oil prices, low inventory levels, and a climbing stock market could help to propel the market in early 2017. Stay tuned.
