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Monthly Update: Home Sales

September '19
Published on 10/9/19
Monthly Update: Home Sales

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Houston-area realtors sold 7,035 single-family homes in September ’19, up 9.5 percent from last September, according to data from the Houston Association of Realtors (HAR). The strong monthly tally improves a 12-month running total that was already at an all-time high. Realtors sold 100,895 homes in the 12 months ending in September ’19, up 2.6 percent from the same span ending in September ’18. Year-to-date sales total 77,653 homes, up 3.3 percent from the year-ago level. 

 

Home Sales September 19 - graph

“I cannot recall a fall in Houston when home sales and rentals were quite this brisk,” said HAR Chair Shannon Cobb Evans with Better Homes and Gardens Real Estate Gary Greene. “Historically low interest rates and a strong overall local economy have drawn more buyers than usual to the market and kept realtors like myself extremely busy. We remain on track for another record year.”

Leasing activity remained strong in September, with home rentals increasing 6.9 percent while rentals of townhomes and condominiums rose 1.7 percent.  The average rental rate for a single-family home increased 1.5 percent to $1,838, while the rate for townhomes and condominiums was flat at $1,589.
 

 

September 19 homes - table

Longstanding trends continued among the various pricing segments. Sales of lower-priced homes remained weak, while mid-tier home sales continued to grow. Broken out by segment, year-over-year September single-family sales performed as follows:

•    $1 - $99,999: decreased 9.7 percent
•    $100,000 - $149,999: decreased 14.6 percent
•    $150,000 - $249,999: increased 4.6 percent
•    $250,000 - $499,999: increased 18.7 percent
•    $500,000 - $749,999: increased 12.6 percent
•    $750,000 and above: decreased 2.6 percent

Single-family housing inventory was 4.1 months of supply, up from from 4.0 months a year earlier and on par with the national housing inventory. Days on Market (DOM), or the number of days it took the average home to sell, was 55 days, up from 53 days last year.

Prepared by Greater Houston Partnership Research
 

 

Josh Pherigo
Manager, Research
713-844-3617
jpherigo@houston.org

Patrick Jankowski, CERP
Senior Vice President, Research
713-844-3616
pjankowski@houston.org

 

Key Economic Indicators Real Estate
7,035

Houston-area realtors sold 7,035 single-family homes in September '19

$298,947

The average price for a single-family home in Houston in September '19

Executive Partners