The Houston housing market yielded positive results for the second consecutive month; increasing sales volume on the high and low ends of the housing continuum, the Houston Association of Realtors reported.
According to HAR’s latest forecast, an estimated 5,916 homes sold in the month of October, an increase of 1.2 percent year-over-year. Similarly, the housing month supply boosted to 3.8-months—a remarkable growth, but lower than the 4.5-month supply of inventory from a year ago.
Average single-family sales price increased 2.2 percent to $277,904 over October 2015, while the median home price rose 6.3 percent year-over-year to $218,000—the highest median price for an October, HAR reported.
“The Houston housing market continues to demonstrate its strength by holding steady in the midst of a weakened energy sector and uncertainty about the presidential election,” said HAR Chairman Mario Arriaga. “Even without those influences, autumn traditionally marks a period of slower sales, so we are extremely pleased to see the market keeping pace with last year’s record levels,” stated Arriaga.
Month-end pending sales for single-family homes totaled 6,589, while total dollar volume increased 1.4 percent to $1.86 billion in comparison to $1.84 billion from October 2015. All housing segments saw a decline in the month of October, except homes priced between $150,00 and $450,000, HAR reported.
Overall, Houston’s housing market yielded positive results; the median price of a single-family home climbed to a record high, and inventory levels saw a slight increase, reaching the highest level for an October. All in all, the Houston real estate market remains sustainable.