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Houston Housing Market Shows Signs of Cooling in September

The Houston housing market showed signs of cooling, as single-family home sales showed signs of decline in September, the Houston Association of Realtors reported.

According to HAR’s latest market report, an estimated 6,652 single-family home sales were sold in September, a change of 1.3 percent year-over-year, allowing the housing inventory to boost to a 3.9-months supply of a 3.5-months supply from a year ago.

Single-family median price rose 4.8 percent to $219,990 over September 2015, while the median home price boosted to $277,849—the highest recorded for a September, HAR reported.

“With home sales ahead of where they were at this time last year – a record sales year – in a market that continues to suffer energy-related job losses, I believe we’re doing well,” said HAR Chairman Mario Arriaga. “Inventory is still moving in the right direction, and consumers that were not buying homes in September accounted for strong rental activity throughout the month,” Arriaga reported.

Month-end pending sales totaled 6,501, an increase of 10.5 percent when compared year-over-year. Total active listings rose 11.6 percent when compared year-over-year to 37,955. All housing segments saw a decline in the month of September, except homes priced between $150,000, to $250,000, HAR reported.

While no outstanding gains were seen throughout the month of September, the average price of a single-family home climbed to a record high, and inventory levels saw a significant increase when compared year-over-year.