Houston Market Report: September 2019

Norhill Realty October 24, 2019

 

For the 7th consecutive month, the Houston real estate market continued to see robust home sales. as home buyers continue to take advantage of low mortgage rates.

According to the Houston Association of Realtors, sales of single-family homes across the Houston area totaled 7,035 in September. This is up 9.5% from the same period in 2018. On a year-to-date basis, home sales are running 3.8 percent ahead of 2018’s record volume.

For the second month in a row, homes priced between $250,000 to $500,000 saw the most activity, up 18.7 percent compared to September 2018. That was followed by homes in the $500,000 to $750,000 range, which rose 12.6 percent. The luxury segment, which is comprised of homes priced from $750,000 and up, declined 2.6 percent.

Median home prices for single-family homes reached an all-time high for September, climbing 4.7 percent to $244,000. The average price also hit a record for September, rising 1.5 percent to $298,947.

According to HAR, total active listings, or the total number of available properties, went up 7.3 percent to 44,172. September sales of all property types totaled 8,430, up 9.5 % compared to the same month last year. As a result, the absorption rate for September 2019 was flat from where it was in September of 2018 for all property types.

Days on Market (DOM), or the number of days it took the average home to sell, was 55 compared to 53 a year ago. Inventory expanded to a 4.1-months supply. That is up from 4.0 months year-over-year and is just below the 2019 peak of 4.3 months reached in June and July. It matches the national inventory of 4.1 months reported by NAR.

Interest rates continue to be a big driver in the Houston real estate market.  Although rates have moved up slightly, this will probably help buoy home sales even as we move into the slower fall to winter seasonal markets.

As always, keep in mind that real estate is a hyper-local market. In order to get the best advice contact one of our experienced agents. They would be happy to provide you more specific advice based on your budget and neighborhood.

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

 

Image Courtesy of Mike Lapidakis via Flikr.com

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.