Houston Real Estate Highlights in November

[Jhoana Olarte]

• Single-family home sales increased for a sixth consecutive month, surging 25.6 percent year-over-year with 7,990 units sold;

• The Days on Market (DOM) figure for single-family homes dropped from 59 to 46;• Total property sales shot up 28.1 percent with 9,660 units sold;

• Total dollar volume jumped 43.9 percent to $3.1 billion;• The single-family average price achieved a record high, rising 15.0 percent to $341,765; 

• The single-family median price climbed 12.0 percent to $270,000 – the second highest median price of all time; 

• Single-family homes months of inventory registered a 2.2-months supply, down from 3.6 months last November and below the national inventory of 2.5 months;

• Townhome/condominium sales jumped 23.4 percent with the average price up 2.5 percent to $224,130 and the median price up 11.8 percent to $190,000;

• Single-family home rentals fell 11.1 percent with the average rent down 5.5 percent to $1,882; 

• Townhome/condominium leases declined 4.0 percent with the average rent up 11.5 percent to $1,674.

[Sandy Sawyer]

So, looking on the bright side, it looks like everyone left their rental to go buy a house!