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Houston-area realtors sold 6,395 single-family homes in November ’19, up 3.6 percent from the same month last year and a new record for a November, according to data from the Houston Association of Realtors (HAR). Home sales reached all-time highs in nine of the first eleven months of ’19. Year-to-date single-family sales total 78,734 units, up 4.1 percent from the same span in ’18. The 12-month total for all home types reached 101,492 units, a 2.8 percent increase from the stretch ending November ’18.
“The end of the year typically brings a slower pace of home sales, so we welcome another month of gains and attribute it to continued low interest rates in a market that has added more than 80,000 jobs over the past year, according to the Texas Workforce Commission,” said HAR Chair Shannon Cobb Evans with Better Homes and Gardens Real Estate Gary Greene.
Leasing activity declined in November, with home rentals down 1.3 percent and rentals of townhomes and condominiums down 8.7 percent. The average rental rate for a single-family home increased 2.6 percent to $1,775, while the rate for townhomes and condominiums was flat at $1,500.
On a pricing segment-basis, longstanding trends continued. Sales of lower-priced homes remained weak, while mid-tier home sales were robust. Broken out by segment, year-over-year November single-family sales performed as follows:
• $1 - $99,999: decreased 13.8 percent
• $100,000 - $149,999: decreased 6.1 percent
• $150,000 - $249,999: increased 1.3 percent
• $250,000 - $499,999: increased 12.5 percent
• $500,000 - $749,999: increased 5.2 percent
• $750,000 and above: decreased 9.1 percent
Single-family housing inventory was 3.8 months of supply, unchanged from a year earlier and slightly below the national housing inventory of 3.9 months. Days on Market (DOM), or the number of days it took the average home to sell, was 59 days, down from 60 days last year.
Prepared by Greater Houston Partnership Research
Patrick Jankowski, CERP
Senior Vice President, Research
Houston-area realtors sold 6,395 single-family homes in November '19
The average price for a single-family home in Houston in November '19