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Houston Home Sales on a Record Pace in 2016

HOUSTON — Houston’s home sales are on a record-setting pace in 2016, according to new sales totals from the Houston Association of Realtors.

Year-to-date through October, 63,973 homes were sold, a 1.2 percent increase over the sales in the comparable period of 2015, the HAR reports.

“The Houston housing market continues to demonstrate its strength by holding steady in the midst of a weakened energy sector and uncertainty about the presidential election,” said HAR Chairman Mario Arriaga with First Group. “Even without those influences, autumn traditionally marks a period of slower sales, so we are extremely pleased to see the market keeping pace with last year’s record levels.”

Homes priced between $150,000 and $500,000 showed the most strength in the market, which has been threatened by a decline in the city’s energy industry.

According to HAR, a total of 5,916 single-family homes sold in October, a small increase – only 23 homes – over the sales total of October 2015.

The single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 6.3 percent to $218,000 That marks the highest median price ever for an October. The average price increased 2.2 percent to $277,904, which also represents an October high.

The single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 6.3 percent to $218,000 That marks the highest median price ever for an October. The average price increased 2.2 percent to $277,904, which also represents an October high.

Last week, at the National Association of Realtors annual convention in Orlando, which was staff-covered by Realty News Report – the only Houston news outlet to cover the national convention, the NAR reported that 2016 has been a good year for the nation’s housing market.

Lawrence Yun, chief economist of the National Association of Realtors, in a speech Friday at the annual Realtors conference said he expects existing home sales will be about 5.36 million in 2016 – the best year since 2006 when 6.47 million home sales were reported.

“Barring a major economic upheaval, home sales next year should grow about 2 percent to around 5.46 million and could increase 4 percent in 2018 to 5.68 million,” he added. “In addition, the national median existing home price is expected to rise to around 4 percent both this year and in 2017.

Yun predicted that 30-year mortgage rates will rise to about 4.5 percent at the end of 2017, up from 3.6 percent currently.

Nov. 10, 2016 Realty News Report Copyright 2016

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