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Despite a recent uptick in mortgage rates, the Houston housing market maintained its momentum in October. Both home sales and inventory increased, signaling a healthy and active market as the final quarter of 2024 began.

Single-family home sales across the Greater Houston area climbed 12.8 percent year-over-year with 7,185 units sold compared to 6,372 last October, according to the Houston Association of Realtors’ (HAR) October 2024 Housing Market Update.

The average price of a home  rose 5.2 percent to $423,166, while the median price increased 2.7 percent to $334,900.

The high end of the market experienced a surge in sales activity in October. The luxury segment ($1 million+) had the strongest performance with closings 33.8 percent higher than the same time last year. That is followed by the housing segment with homes priced between $500,000 and $999,999, which recorded a 25.9 percent surge in sales compared to last year. The segment with homes priced between $100,000 and $149,999 was the only one that saw a decline in sales, with closings down 7.3 percent compared to last year.

Rentals of single-family homes continued to hold steady in October. HAR will publish its October 2024 Rental Home Update on Wednesday, November 20.

“While mortgage rates have edged up, they remain well below the peak levels reached last year,” said HAR Chair Thomas Mouton with Century 21 Exclusive Properties.“This more favorable rate environment is helping sustain buyer demand and driving continued activity in the Houston housing market as we enter the final months of 2024.”

October Monthly Market Comparison

October marked the end of a five-month streak of declining total property sales, with sales increasing 10.2 percent compared to the same time last year. Total dollar volume rose 19.5 percent to $3.5 billion. The number of available properties was 23.6 percent above October 2023 levels.

Single-Family Homes Update

In October, single-family home sales posted gains for the second month in a row, climbing 12.8 percent year-over-year. A total of 7,185 units were sold across the Greater Houston area compared to 6,372 last year. The average price rose 5.2 percent to $423,166, and the median price was up 2.7 percent to $334,900. The price per square foot increased to $178 compared to $173 last October.

With 31,094 homes on the market, inventory levels have continued to expand, providing more opportunities for prospective homeowners. The average days on market increased from 48 to 51.

Months of inventory of single-family homes expanded from a 3.5-months supply last October to 4.4 months, which is the highest since September 2012 when there was a 4.7-months supply. Housing inventory nationally stands at a 4.3-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply is generally considered a “balanced market,” in which neither the buyer nor the seller has the upper hand.

 Houston Real Estate Highlights in  October

• Single-family home sales increased 12.8 percent year-over-year; 
•  Days on Market (DOM) for single-family homes went from 48 to 51 days;
• Total property sales were up 10.2 percent with 8,627 units sold;
• Total dollar volume rose 19.5 percent to $3.5 billion;
• The single-family median price was up 2.7 percent to $334,900;
• The single-family average price climbed 5.2 percent to $423,166;
• Single-family home months of inventory registered a 4.4-months supply, up from 3.5 months last October.
• Townhome/condominium sales increased for the first time in two years, with sales up 6.5 percent year-over-year. The median price declined 3.2 percent to $232,400, and the average price rose 2.6 percent to $279,018.

 HAR also breaks out sales figures for existing single-family homes. In October, existing home sales totaled 5,163, which is up 14.7 percent compared to the same time last year. The average price rose 6.0 percent year-over-year to $429,778, and the median sales price increased 4.1 percent to $330,000. 

Wondering how much mortgage payment that would be?  

  Remember it is not unusual for prices to go up and this is one of the reasons why homeowners have a higher net worth than renters 40 times higher in Fact.  

According to the Houston Association of Realtors’ (HAR) March 2024 Market Update, the Houston area saw a 7.5 percent dip in single-family home sales compared to last March. The Houston Multiple Listing Service (MLS) recorded sales of 7,334 units compared to 7,926 in March 2023. Months supply of homes climbed from 2.6 to 3.5, matching a level last seen in October and November 2023.

The average price of a single-family home throughout Greater Houston rose 1.3 percent to $412,464 and the median price increased 1.6 percent to $330,000.

March Monthly Market Comparison

March marked the first decline of single-family homes sales this year. Sales were down 7.5 percent year-over-year.

Total property sales also dropped 7.0 percent and total dollar volume fell 5.6 percent from $3.7 billion to $3.5 billion. Active listings, or the total number of available properties, were 26.1 percent ahead of March 2023. Single-family pending sales rose 4.9 percent.

Months of inventory grew from a 2.6-months supply last March to 3.5 months. 

Housing inventory nationally is at a 2.9-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-month supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.

Single-Family Homes Update

 The Houston housing market saw a 7.5 percent dip in single-family home sales in March, with 7,334 units sold compared to 7,926 last year. The average price edged up 1.3 percent to $412,464 while the median price rose 1.6 percent to $330,000. 

How much of your income should you spend on housing?  

 Days on the Market, or the actual time it took to sell a home, was down from 62 to 55 days. Months of inventory increased to a 3.5-month supply compared to 2.6 months a year earlier.

 Houston Real Estate Highlights in March

• Single-family home sales declined 7.5 percent year-over-year;
• Days on Market (DOM) for single-family homes went from 62 to 55 days;
• Total property sales were down 7.0 percent with 8,939 units sold;
• Total dollar volume fell 5.6 percent to $3.5 billion;
• The single-family median price rose 1.6 percent to $330,000;
• The single-family average price rose 1.3 percent to $412,464; 
• Single-family home months of inventory registered a 3.5-months supply, up from 2.6 months a year earlier;
• Townhome/condominium sales continued to decline, falling 6.7 percent, with the median price up 5.1 percent to $235,000 and the average price up 2.2 percent to $276,262.

HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 5,075 in March, down 7.9 percent from the same time last year. The average price rose 3.0 percent to $415,594 and the median sales price rose 2.7 percent to $323,500. 

Wondering how much mortgage payment that would be?  

  Remember it is not unusual for prices to go up and this is one of the reasons why homeowners have a higher net worth than renters 40 times higher in Fact.  

The average price of a single-family home throughout Greater Houston rose 2.7 percent to $391,080 and the median price increased 2.1 percent to $320,500. That marks the first time that the average price has been below $400,000 since February 2023.

January Monthly Market Comparison

January marked only the second time in two years that single-family homes sales were in positive territory with sales climbing 9.0 percent year-over-year. The last time was in November 2023 when sales rose 5.4 percent. 

In addition to the increase in single-family sales volume, total property sales rose 6.9 percent and total dollar volume jumped 11.9 percent from $2 billion to $2.3 billion. Single-family pending sales rose 6.3 percent. Active listings, or the total number of available properties, were 17.8 percent ahead of the 2023 level.

Months of inventory expanded from a 2.6-months supply last January to 3.3 months, matching December’s supply level, but slightly below the 3.5-months supply that prevailed in October and November 2023. Housing inventory nationally is at a 3.2-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-month supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.

Single-Family Homes Update

January delivered good news to the Houston housing market with positive indicators across the board. Single-family home sales experienced only the second increase in two years, climbing 9.0 percent year-over-year with a total of 5,009 units sold across the Greater Houston area versus 4,595 in 2023. The average price rose 2.7 percent to $391,080 while the median price rose 2.1 percent to $320,500. That is the first time that the average price has been below $400,000 since February 2023.

How much of your income should you spend on housing?  

 Days on Market, or the actual time it took to sell a home, eased slightly from 60 to 58 days. Months of inventory registered a 3.3-months supply for the second consecutive month and compares to 2.6 months a year earlier. 

The current national supply stands at 3.2 months, as reported by NAR. 

Wondering how much mortgage payment that would be?  

  Remember it is not unusual for prices to go up and is one of the reasons why homeowners have a higher net worth than renters 40 times higher in Fact.  

(December 13, 2023) — Just in time for the holidays, the Houston real estate market received a gift in November in the form of positive sales for the first time in 19 months. There are even more healthy indicators layered throughout the latest housing market report as 2023 draws to a close.

According to the Houston Association of Realtors’ (HAR) November 2023 Market Update, single-family home sales across Greater Houston rose 4.9 percent, the first increase since March 2022. The Houston Multiple Listing Service (MLS) recorded sales of 6,154 units compared to 5,864 in November 2022. Months supply of homes climbed from 2.8 to 3.5. Compared to pre-pandemic November 2019, when volume totaled 6,359, home sales were down 3.2 percent. 

Only homes priced below $150,000 saw declines during the month. That segment comprises just 3.5 percent of the overall market. The best performing segment consisted of homes priced between $250,000 and $500,000, which rose 8.0 percent year-over-year. That segment is the largest, comprising 59.8 percent of the market. Rentals of single-family homes and townhomes/condominiums registered another strong month. HAR will publish its November 2023 Rental Home Update next Wednesday, December 20. 

“I couldn’t think of a better way to wrap up 2023 than to see positive sales trends after nearly two years of negative trending,” said HAR Chair Cathy Treviño with LPT, Realty. “Home sales hinge heavily on interest rates, so hopefully consumer confidence will be restored as we begin the new year, especially since inventory has steadily improved and prices have moderated, creating more favorable conditions for buyers.”

The average price of a single-family home throughout Greater Houston edged up 1.0 percent to $404,597 while the median price notched downward 1.2 percent to $326,000. Those figures are well below the record highs of $438,350 (average) in May 2022 and $354,000 (median) in June 2022.

November Monthly Market Comparison

November marked the first time in 19 months that single-family homes sales were in positive territory with sales rising 4.9 percent year-over-year. When compared to pre-pandemic November 2019, sales were down 3.2 percent and when stacked up against the sales volume in November 2018, five years ago, sales were statistically flat. 

In addition to the increase in single-family sales volume, total property sales rose 3.7 percent and total dollar volume climbed 7.5 percent from $2.7 billion to $2.9 billion. Single-family pending sales rose 11.9 percent. Active listings, or the total number of available properties, were 13.5 percent ahead of the 2022 level.

Months of inventory expanded from a 2.8-months supply last November to 3.5 months, matching its October 2023 level. It is the greatest supply of homes since November 2019. Housing inventory nationally is at a 3.6-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-month supply is generally considered a “balanced market” in which neither buyer nor seller has an advantage.

Single-Family Homes Update

In November, single-family home sales experienced the first increase in 19 months, climbing 4.9 percent year-over-year with a total of 6,154 units sold across the Greater Houston area versus 5,864 in 2022. Pricing continues to moderate after spiking in the spring of 2022. The average price rose 1.0 percent to $404,597 while the median price fell 1.2 percent to $326,000. 

For a pre-pandemic perspective, November closings were 3.2 percent below the November 2019 total of 6,359. The November 2023 median price of $326,000 is 35.3 percent above its 2019 level ($241,000), and today’s average price of $404,597 is 36.2 percent higher than it was back then ($297,070). Sales are statistically unchanged from where they were five years ago, in November 2018, when volume totaled 6,170. Back then, the median price was $235,000 and the average price was $294,583.

Days on Market, or the actual time it took to sell a home, eased slightly from 48 to 47 days. Months of inventory registered a 3.5-months supply for the second consecutive month and compares to 2.8 months a year earlier. That is the greatest months supply in four years. The current national supply stands at 3.6 months, as reported by NAR.  

 Houston Rental Update

According to the Houston Association of Realtors’ (HAR’s) November 2023 Rental Market Update, rentals of single-family homes rose 6.6 percent year-over-year with the average lease price climbing 5.0 percent to $2,220. A total of 3,133 leases were signed compared to 2,940 in November 2022. 

New listings of single-family rentals rose 6.4 percent in November, providing a sufficient supply of homes to meet the ongoing demand. Days on Market, or the actual number of days it took to lease a home, increased from 32 to 36 days. 

  Houston Real Estate Highlights in November

• Single-family home sales rose 4.9 percent year-over-year, the first increase in 19 months;
• Compared to November 2019, before the pandemic, sales were down 3.2 percent, and compared to November 2018, five years back, they were statistically flat;
• Days on Market (DOM) for single-family homes went from 48 to 47 days;
• Total property sales rose 3.7 percent with 7,472 units sold;
• Total dollar volume was up 7.5 percent to $2.9 billion;
• The single-family median price fell 1.2 percent to $326,000;
• The single-family average price rose 1.0 percent to $404,597; 
• Single-family home months of inventory registered a 3.5-months supply, up from 2.8 months a year earlier – the highest level since November 2019;
• Townhome/condominium sales experienced their 18th straight monthly decline, falling 3.0 percent, with the median price up 11.4 percent to $245,000 and the average price up 7.3 percent to $272,382;
• Compared to pre-pandemic 2019, townhome and condominium sales were down 9.6 percent.

(October 11, 2023) — Houston home sales were down  for an 18th consecutive month in September as interest rates continued  to keep prospective homebuyers headed toward the rental market or  putting their buying plans on hold. The slower sales volume enabled  inventory to expand and prices to moderate, creating more buyer-friendly  conditions once consumer confidence is restored.

According to the Houston Association of Realtors’ (HAR) September 2023  Market Update, single-family home sales across the market fell 10.9  percent year-over-year with 6,886 units sold compared to 7,728 in  September 2022. Months supply of homes climbed to 3.5, the highest level  since November 2019 when it was at a 3.6-months supply. Compared to  pre-pandemic September 2019, when volume totaled 7,050, home sales were  down 2.3 percent. 

All housing segments experienced declines except for the sub-$100,000  market, which contains only 1.2 percent of Houston’s overall housing  inventory. It was statistically flat. Rentals of single-family homes and  townhomes/condominiums remained strong. HAR will publish its September  202

3 Rental Home Update next Wednesday, October 18. 

“September was a rather lackluster month on the sale side of Houston  real estate, and with the holidays approaching, we probably won’t see  much improvement as this is traditionally a slow time of year for our  industry,” said HAR Chair Cathy Treviño with LPT, Realty. “Rental homes  continue to draw strong interest from consumers and it will be  interesting to see if that flourishes throughout the holiday season as  would-be buyers remain skittish over mortgage rates.”

Single-family home prices continue to moderate. The average price edged  up just 0.8 percent to $416,664 while the median price fell 2.2 percent  to $333,000. Those figures are well below the record highs of $438,350  (average) in May 2022 and $354,000 (median) in June 2022.

September Monthly Market Comparison

September was the 18th straight month of negative sales activity with  year-over-year single-family home sales falling 10.9 percent. When  compared to pre-pandemic September 2019, sales were down 2.3 percent and  when stacked against the sales volume in September 2018, five years  ago, sales were up 7.1 percent.

In addition to the decline in single-family sales volume, total  property sales and total dollar volume also fell below last year’s  levels. Total dollar volume was $3.3 billion, down from $3.7 billion a  year earlier. Single-family pending sales rose 1.2 percent. Active  listings, or the total number of available properties, were 13.7 percent  ahead of the 2022 level.

Months of inventory expanded in September to a 3.5-months supply. That  is the greatest months supply since November 2019 when it was at a  3.6-months supply. Housing inventory nationally is at a 3.3-months  supply, according to the latest report from the National Association of  Realtors (NAR). A 4.0- to 6.0-months supply is generally regarded as  representing a “balanced market” in which neither buyer nor seller has  an advantage.

Single-Family Homes Update

Single-family home sales fell 10.9 percent year-over-year in September  with 6,886 units sold across the Greater Houston area compared to 7,728  in 2022. Pricing continues to ease after rising to record highs last  spring. The September average price rose a fractional 0.8 percent to  $416,664 while the median price fell 2.2 percent to $333,000. 

For a pre-pandemic perspective, September closings were 2.3 percent  below September 2019’s total of 7,050. The September 2023 median price  of $333,000 is 36.1 percent higher than it was in 2019 ($244,679) and  today’s average price of $416,664 is 39.1 percent higher than it was  then ($299,600). Sales are 7.1 percent above where they were five years  ago, in September 2018, when volume totaled 6,427. Back then, the median  price was $232,990 and the average price was $294,656.

 Houston Real Estate Highlights   September 

• Single-family home sales fell 10.9 percent year-over-year, making  September the 18th consecutive month of slowing sales volume;
• Compared to September 2019, before the pandemic, sales were down 2.3  percent, and compared to September 2018, five years back, they were up  7.1 percent;
• Days on Market (DOM) for single-family homes rose from 37 to 45 days;
• Total property sales fell 9.5 percent with 8,550 units sold;
• Total dollar volume dropped 9.6 percent to $3.3 billion;
• The single-family median price fell 2.2 percent to $333,000;
• The single-family average price rose 0.8 percent to $416,664; 
• Single-family home months of inventory registered a 3.5-months supply,  up from 2.6 months a year earlier – the biggest supply since November  2019;
• Townhome/condominium sales experienced their 16th straight monthly  decline, falling 14.4 percent, with the median price up 2.2 percent to  $224,250 and the average price up 0.3 percent to $257,909;
• Compared to pre-pandemic 2019, townhome and condominium sales were down 5.2 percent.

(August 9, 2023) — Even with some indicators in negative territory, the Houston housing market continues to demonstrate that it is returning to a more normal state as it moves beyond the pandemic and the challenges posed by rising interest rates. Home sales across Greater Houston were down for a 16th straight month in July, but the rate of decline was the smallest in more than a year. 

According to the Houston Association of Realtors’ (HAR) July 2023 Market Update, single-family home sales fell 8.5 percent year-over-year with 7,557 units sold compared to 8,256 in July 2022. That is the lowest decline since sales dropped 7.6 percent in June 2022. Months supply of homes climbed to 3.2, the highest level since May 2020 when it was 3.3. When compared to pre-pandemic July 2019, however, home sales were down 15.3 percent.  

 Single-family home prices continue to stabilize. The average price edged up just 0.6 percent to $428,140 while the median price fell 2.3 percent to $340,000. That keeps pricing below the record highs of $438,350 (average) in May 2022 and $354,000 (median) in June 2022. 

 Months of inventory increased in July, expanding to a 3.2-months supply. That is the greatest months supply since May 2020 when it was 3.3 months. Housing inventory nationally sits at a 3.1-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply has traditionally been considered a “balanced market” in which neither buyer nor seller has the advantage. 

 For a pre-pandemic perspective, July closings were 15.3 percent below July 2019’s total of 8,921. The July 2023 median price of $340,000 is 36.0 percent higher than it was in 2019 ($250,000) and today’s average price of $428,140 is 37.3 percent higher than it was then ($311,895). Sales are 5.7 percent below where they were five years ago, in July 2018, when volume totaled 8,019. Back then, the median price was $244,560 and the average price was $305,925. 

 Houston Real Estate Highlights in July

• Single-family home sales were down 8.5 percent year-over-year, the 16th consecutive month of slowing sales volume, however there continued to be signs of overall improvement to the local housing market;
• The 8.5 percent decline is the smallest since the market registered a 7.6 percent drop in June 2022;
• Compared to July 2019, before the pandemic, sales were down 15.3 percent, and compared to July 2018, five years back, they were down 5.8 percent. 
• Days on Market (DOM) for single-family homes rose from 27 to 42 days;
• Total property sales fell 8.3 percent with 9,223 units sold;
• Total dollar volume dropped 8.8 percent to $3.7 billion;
• The single-family median price dropped 2.3 percent to $340,000;
• The single-family average price edged up 0.6 percent to $428,140; 
• Single-family home months of inventory registered a 3.2-months supply, up from 2.4 months a year earlier – the biggest supply in three years;
• Townhome/condominium sales experienced their 14h straight monthly decline, falling 9.8 percent, with the median price down 2.2 percent to $220,000 and the average price up 2.1 percent to $263,876;
• Compared to pre-pandemic 2019, townhome and condominium sales were down 14.6 percent.

 HOUSTON —  (April 12, 2023) — With March home sales figures in the books, the Houston Association of Realtors (HAR) continues to conduct a two-tiered analysis of Houston real estate in an effort to provide the most accurate assessment of market conditions: a comparison to 2019 – the last “normal” year before the pandemic, as well as 2022. 

March marked the 12th consecutive month of falling sales and the second straight month of slightly lower prices. 

According to the HAR March 2023 Market Update, single-family home sales fell 18.3 percent year-over-year, with 7,907 units sold compared to 9,681 in March 2022. However, when compared to March of 2019, when sales volume totaled 6,995 units – sales were up 13.0 percent.

All but the sub-$100,000 

housing segment saw year-over-year declines in March. Single-family rentals scored solid gains once again, as many buyers continued turning to the rental market amid lingering uncertainty about interest rates and inflation. HAR will issue its March 2023 Rental Home Update next Wednesday, April 19. 

“Houston real estate is continuing to work its way back to normalcy with more new listings hitting the market and prices easing,” said HAR Chair Cathy Treviño with Side, Inc. “Inflation and interest rates are still causing angst, but once consumer confidence is finally restored, we will see home sales pick up and probably return to the seasonal cycles that prevailed before the pandemic.” 

Single family home prices fell for only the second time since the spring of 2020. The median price dropped 3.0 percent to $325,000 while the average price was statistically flat at $408,647. That is in sharp contrast to the all-time pricing highs of $438,313 (average) in May 2022 and $353,995 (median) in June 2022.

March Monthly Market Comparison

March became the 12th consecutive month of negative sales as housing throughout the Houston market and across the U.S. recovers from inflationary headwinds. Year-over-year single-family home sales fell 18.3 percent, but when compared to March 2019, before the pandemic, sales were up 13.0 percent, and stacked against March 2018, five years ago, sales were up 17.3 percent. 

Most of the March housing measurements consisted of negative numbers. In addition to the drop in single-family home sales, total property sales and total dollar volume fell. Single-family pending sales dropped 5.2 percent. Active listings (the total number of available properties) remained 69.2 percent ahead of their level of one year ago.

Months of inventory continued to improve in March, growing to a 2.7-months supply. Housing inventory nationally stands at a 2.6-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply is widely regarded as a “balanced market” in which neither the buyer nor the seller has an advantage.

Single-Family Homes Update

 Single-family home sales fell 18.3 percent year-over-year in March, with 7,907 units sold across the Greater Houston area compared to 9,681 in 2022. Pricing continues to moderate after reaching record highs last spring. The March median price fell 3.0 percent to $325,000 while the average price was statistically flat at $408,647. February 2023 marked the first pricing declines the market had seen in more than two years.

 Houston Real Estate Highlights in March

• Single-family home sales fell 18.3 percent year-over-year, as the market continues its gradual return to normalcy;
• Compared to pre-pandemic 2019, single-family home sales rose 13.0 percent;
• All but the sub-$100,000 housing segment experienced negative sales; 
• Days on Market (DOM) for single-family homes rose from 38 to 62 days;
• Total property sales fell 20.9 percent with 9,589 units sold;
• Total dollar volume dropped 20.2 percent to $3.7 billion;
• The single-family median price dropped 3.0 percent to $325,000;
• The single-family average price was statistically flat at $408,647; 
• Single-family home months of inventory registered a 2.7-months supply, up from 1.1 months a year earlier;
• Townhome/condominium sales experienced their 10th straight monthly decline, falling 35.3 percent, with the median price up 4.0 percent to $223,500 and the average price up 6.0 percent to $270,294;
• Compared to pre-pandemic 2019, townhome and condominium sales were unchanged. 

 HOUSTON — (November 9, 2022) — Rapidly-rising mortgage rates dampened home sales in the Greater Houston area in October as the housing market cooldown continues. However, home prices are still well above where they were a year ago. October marked the seventh consecutive month of declining sales and rising inventory as the market continues toward a more normalized, pre-pandemic pace. 

According to the Houston Association of Realtors’ (HAR) October 2022 Market Update, single-family home sales fell 22.8 percent, with 6,641 units sold compared to 8,597 in October 2021. On a year-to-date basis, the market now trails 2021’s record-setting volume by 6.7 percent.

All housing segments experienced negative sales in October. The  smallest decline in sales was recorded among homes priced $500,000 and  $999,999, which fell 6.6 percent. With fewer homes priced below $250,000, some consumers pivoted to the rental market. HAR will examine  those trends in the October 2022 Rental Home Update, to be released next Wednesday, November 16. 

“The Houston housing market is heading towards more balanced  conditions,” said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. “We saw years of unprecedented growth,  and it appears the market is finally nearing pre-pandemic levels. Higher  mortgage rates are softening buyer demand. But as prices level off and  inventory grows, we’re going to see more consumers move from the sidelines to the marketplace.”

The average price of a single-family home rose 7.2 percent in October to $403,712 –below the record high of $438,290 reached earlier this year in May. The median price jumped 8.4 percent to $330,500, which is also below the highest median of all time, $354,000, reached in June 2022.  

The average price for a single-family home in Houston first broke the $400,000 mark in March of this year. The median price has held above  $300,000 since May of 2021.

October Monthly Market Comparison

Homebuying activity slowed for a seventh straight month in October,  with mortgage interest rates hovering around seven percent, more than double what it was a year ago, as well as a lack of housing inventory below $400,000. Year-over-year single-family home sales fell 22.8  percent. On a year-to-date basis, sales are trailing last year’s record  pace by 6.7 percent.

The monthly housing measurements for October yielded mixed readings. In addition to the drop in single-family home sales, total property sale and total dollar volume declined, and pending sales fell 23.4 percent.  Active listings (the total number of available properties) jumped 43.0  percent.

Months of inventory continues to grow, reaching a 2.8-months supply in  October. That is the highest level since July of 2020 when it was 2.9  months. Housing inventory nationally stands at a 3.2-months supply,  according to the latest report from the National Association of Realtors  (NAR). A 6.0-months supply is generally considered make up a “balanced  market,” in which neither the buyer nor the seller has an advantage.

Single-Family Homes Update

Single-family home sales fell 22.8 percent in October with 6,641 units sold across the Greater Houston area compared to 8,597 a year earlier.  In October, the median price increased 8.4 percent to $330,500 while the average price rose 7.2 percent to $403,712. 

For a pre-pandemic perspective, October sales are down 7.6 percent compared to October 2019, when a total of 7,187 single-family homes sold. The median price then was 37.7 percent lower, at $240,000, and the average price, at $298,158, was 35.4 percent lower. Sales are 3.5  percent above where they were five years ago, in October 2017, when  volume totaled 6,417. Back then, the median price was $226,500 and the  average price was $284,659 – reflecting pricing jumps of 45.9 percent  and 41.8 percent, respectively

Days on Market, or the actual time it took to sell a home, grew from 32  to 43 days. Inventory registered a 2.8-months supply compared to 1.8  months a year earlier. That is the greatest supply of homes on the  market since July 2020. The current national inventory stands at 3.2  months, as reported by NAR.

 Houston Rental Update

According to the Houston Association of Realtors’ September 2022 Rental Market Update, single-family home rentals shot up 25.7 percent year-over-year, with the average lease price up 2.9 percent to $2,180. A total of 3,201 leases were signed compared to 2,545 in September 2021.

  Houston Real Estate Highlights in September 

• Single-family home sales fell 17.0 percent year-over-year, the sixth  consecutive decline of 2022 as the market continues toward a more  normalized, pre-pandemic pace;
• Despite the overall sales volume decline, the high end of the market  flourished with the $500,000 to $1M housing segment establishing itself  as the top-performing segment in September, up 12.6 percent  year-over-year;
• Days on Market (DOM) for single-family homes grew from 29 to 37 days;
• Total property sales were down 17.0 percent with 9,387 units sold;
• Total dollar volume was off 8.5 percent at $3.7 billion;
• The single-family average price rose 11.6 percent to $414,776; 
• The single family median price increased 14.7 percent to $343,950;
• Single-family home months of inventory registered a 2.7-months  supply, up from 1.7 months a year earlier. That is the greatest  inventory level since July of 2020;
• Townhome/condominium sales experienced their fourth consecutive  monthly decline, falling 17.6 percent, with the average price up 7.5  percent to $257,781 and the median price up 4.8 percent to $220,000.

HOUSTON — (October 12, 2022) — Consumers kept the high end of the Houston housing market humming in September even as the market collectively continued transitioning to more normal, pre-pandemic levels. Sales overall were off for a sixth consecutive month due largely to the persistent lack of inventory and inflationary headwinds that include rising interest rates. However, the inventory landscape is showing signs of improvement for consumers as an uptick in new listings helped boost overall supply to its highest level in two years. 

Thinking about Getting a home loan?

According to the Houston Association of Realtors’ (HAR) September 2022  Market Update, single-family home sales fell 17.0 percent, with 7,664  units sold compared to 9,235 in September 2021. On a year-to-date basis,  the market now trails 2021’s record-setting volume by 5.1 percent.

The top sales volume performer was the $500,000 to $1 million housing segment, which rose 12.6 percent. The only other segment to remain in positive territory was $1M and above housing, which increased by 7.2  percent. Many would-be home buyers continued to turn to rental housing options in September. HAR will examine those trends in the September  2022 Rental Home Update, to be released next Wednesday, October 19.

“The Houston housing market consists of many concurrent trends,” said  HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary  Greene. “The high end of the market continues to perform well, as is the rental market. But because of a lack of homes priced below $400,000,  the market as a whole is slowing to levels we were accustomed to before the pandemic. The most encouraging news of all is the gradual  build-back of inventory, which should yield more options for consumers  going forward.”

Housing across Greater Houston has experienced historic appreciation since the pandemic struck in early 2020. The average price of a  single-family home rose 11.6 percent in September to $414,776 – well below the record high of $438,384 reached in May 2022. The median price jumped 14.7 percent to $343,950, which is also below the highest median of all time, $354,100, reached in June 2022. The average price for a  single-family home in Houston first broke the $400,000 mark in March of this year. The median price has held above $300,000 since May of 2021.

September Monthly Market Comparison

Home buying activity slowed for a sixth straight month in September,  with mortgage interest rates exceeding six percent for the first time in years, as well as a continued lack of housing inventory below $400,000.  Year-over-year single-family home sales fell 17.0 percent. On a  year-to-date basis, sales are trailing last year’s record pace by 5.1  percent.

Market indicators provided mixed readings in September. In addition to the drop in single-family home sales, total property sales and total dollar volume declined and pending sales fell 15.5 percent. 

Active listings (the total number of available properties) jumped 36.3 percent.

Months of inventory grew again in September, reaching a 2.7-months  supply. That is the highest level since July of 2020 when it was 2.9  months. Housing inventory nationally stands at a 3.2-months supply,  according to the latest report from the National Association of Realtors  (NAR). A 6.0-months supply is generally considered make up a “balanced  market,” in which neither the buyer nor the seller has an advantage.

Single-Family Homes Update

Single-family home sales fell 17.0 percent in August with 7,664 units  sold across the Greater Houston area compared to 9,235 a year earlier.  In September, the median price climbed 14.7 percent to $343,950 while  the average price rose 11.6 percent to $414,776.

For a pre-pandemic perspective, September sales are up 8.7 percent  compared to three ars ago, in September 2019, when a total of 7,050  single-family homes sold. The median price then was 40.6 percent lower,  at $244,679, and the average price, at $299,600, was 38.4 percent lower.  Sales are 10.2 percent above where they were five years ago, in  September 2017, when volume totaled 6,953. Back then, the median price  was $232,000 and the average price was $290,683 – reflecting pricing  jumps of 48.3 percent and 42.7 percent, respectively.

Days on Market, or the actual time it took to sell a home, grew from  29 to 37 days. Inventory registered a 2.7-months supply compared to 1.7  months a year earlier. That is the greatest supply of homes on the  market since July 2020. The current national inventory stands at 3.2  months, as reported by NAR.

   Houston Real Estate Highlights in October 

• Single-family home sales fell 22.8 percent year-over-year, the seventh  consecutive decline of 2022 as the market returns to pre-pandemic  levels;
• All housing segments experienced negative sales in October. The  smallest decline in sales Days on Market (DOM) for single-family homes  grew from 32 to 43 days;
• Total property sales were down 22.7 percent with 8,223 units sold;
• Total dollar volume declined 18.4 percent to a little over $3 billion;
• The single-family average price rose 7.2 percent to $403,712; 
• The single-family median price increased 8.4 percent to $330,500;
• Single-family home months of inventory registered a 2.8-months supply,  up from 1.8 months a year earlier. That is the greatest inventory level  since July of 2020;
• Townhome/condominium sales experienced their fifth consecutive monthly  decline, falling 19.4 percent, with the average price up 9.3 percent to  $269,936 and the median price up 3.9 percent to $226,500.