Houston Market Report: November 2019

Norhill Realty December 16, 2019

Low-interest rates and good economic conditions continued to drive a solid real estate market through November. November marked the 7 straight month of positive homes sales. On a year-to-date basis, home sales are running 4.1 percent ahead of 2018’s record volume.

According to the Houston Association of Realtors, single-family home sales across greater Houston totaled 6,395 in November. This is up 3.6% from the same period in 2018.

Homes priced between $250,000 and $500,000 led the way in sales, climbing 12.5 percent versus November 2018. Homes in the $500,000 to $750,000 range climbed 5.2 percent. The luxury segment, which includes homes priced from $750K and above, did not perform well. The number of homes sales in this market segment fell 9.1 percent.

Home prices for single-family homes reached an all-time high for November. The median home price rose 2.5 percent to $240,900. The average price rose 1.1 percent to $297,831. Despite record prices, home price gains have moderated as we approach the end of the year.

According to HAR, total active listings, or the total number of available properties, went up 5.2 percent to 42,139. November sales of all property types totaled 7,577, up 2.1% compared to the same month last year. As a result, the absorption rate for November 2019 was down slightly to 18% from the 19% rate we saw in November of 2018 for all property types.

Days on Market (DOM), or the number of days it took the average home to sell, was 59 compared to 60 a year ago. Inventory was flat at a 3.8-months supply. The national inventory stands at 3.9 months, according to NAR.

According to the Mortgage News Daily, 2019 has been the best year for mortgage rates since 2011.  Whether or not this trend continues is always difficult to predict.  However, the economy in Houston remains solid, and even if the move up slightly, mortgage rates should stay near historic lows as we enter the new year. If all of these fundamentals remain strong, we should find a good start to the 2020 real estate market.

Norhill Realty provides expert real estate services to residential buyers and sellers in Houston and surrounding communities. Contact us today for more information on Houston real estate and for professional assistance navigating this sometimes complex home market.

 

Find and click your neighborhood below to find the latest listings for these great Houston neighborhoods.
Afton Oaks / Highland Village
Bellaire
Briargrove
Briargrove Park / Walnut Bend
Camp Logan / Glen Cove
Cottage Grove
Downtown
EADO / Eastwood
East Washington / Sawyer Heights
Garden Oaks
Houston Heights
Knollwood / Woodside
Memorial West
Meyerland Area
Midtown
Montrose
Oak Forest East
Mangum Manor / Oak Forest West
Rice Military / Washington Corridor
River Oaks Shopping Area
Riverside Terrace
Shady Acres
Shepherd Plaza Park
Spring Branch
Timbergrove / Lazybrook
University Place and Museum Park
Westbury / Maplewood / Brays Oaks
West University / Southside
Willow Meadows / Willowbend

 

 

Norhill Realty and the MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Twelve-month totals may vary from actual end-of-year figures, due to individual changes to MLS records. This data is for informational purposes only and should not be the sole piece of data used in the evaluation of a buy or sell decision. Consult with one of our Realtors to evaluate any particular property so you can determine how the market relates to that property.