Houston Real Estate Highlights in October
- Single-family home sales rose 8.1 percent year-over-year, with 7,231 units sold;
- On a year-to-date basis, single-family home sales are 4.2 percent ahead of 2018’s record pace;
- Days on Market (DOM) for single-family homes edged up from 58 to 59 days;
- Total property sales increased 6.2 percent, with 8,579 units sold;
- Total dollar volume jumped 7.9 percent to $2.4 billion;
- The single-family home median price rose 2.1 percent to $239,900, achieving an October high;
- The single-family home average price was up 1.3 percent to $298,354 – also a record high for an October;
- Single-family homes months of inventory hit a 4.0-months supply, up from 3.9 months last October and slightly below the 4.3-months supply peak achieved in June and July. For comparison, the national housing inventory is at a 4.1-months supply, according to NAR;
- Townhome/condominium sales fell 3.2 percent year-over-year, with 510 units sold. The average price declined 5.2 percent to $199,045 while the median price rose 6.8 percent to $164,500;
- Single-family home leases increased 2.4 percent with the average rent up 2.3 percent to $1,795;
- Volume of townhome/condominium leases dropped 15.2 percent with the average rent unchanged at $1,543.
An over supply of townhomes doesn’t surprise me, but would be interested to know if certain areas are bringing the averages down. Developers continue to keep building them just north of 610, in the Heights and Garden Oaks areas. That may be for different reasons, though.
The warmer than normal weather we had last month no doubt contributed to some of these bullish stats.