As is typical this time of year, the real estate market slowed in November. Despite this seasonal slow down, 2018 continues to run at a record setting pace.
According to the latest report from the Houston Association of Realtors (HAR), 6,159 single-family homes sold in November compared to 6,285 a year earlier for a 2-percent decline. Year-to-date, home sales are 4.6 percent ahead of 2017’s record volume.
The single-family home median price rose 4.4 percent to $235,000, and the average price increased 4.3 percent to $295,084. Both represent the highest prices ever for a November. All housing segments experienced gains except for homes priced at $150,000 and below. The best-performing segment continues to be the luxury market, consisting of homes priced at $750,000 and above, which climbed 12.3 percent.
According to the Houston Association of Realtors, the 40,530 active listings in November 2018 represented a 8.9 percent increase from November 2017. Month-end pending sales for single-family homes totaled 6,052, a 5.8 percent increase over last year.
Days on Market (DOM), or the number of days it took the average home to sell, improved to 60 from 62 a year earlier.
Inventory registered a 3.9-months supply, up slightly from 3.6 months a year ago.
We will address our thoughts for 2019 in our next post after the final December numbers come in. However, the Houston Real estate market in 2018 was certainly a good one. Although there is a lot of external uncertainty in 2019, the Houston economy remains strong and we are optimistic about the coming months and year.