HOUSTON – (Realty News Report) – The Houston housing market registered 8,358 single-family home last month – the strongest sales ever for a month of August, the Houston Association of Realtors reported.
A strong local economy fueled the strong real estate performance. The Houston economy created 101,800 jobs in the 12-month period ending in July, the strongest job growth pace in over three years.
The home sales activity in Houston has been exceptionally healthy all year. Year-to-date home sales are running 7.2 percent ahead of the sales pace at this time last year, HAR. Running ahead of the 2017 sales pace is no small feat because 2017 was the strongest year ever for Houston home sales.
Houston achieved the strong sales in August, despite the rise in mortgage rates. Last week the nation’s average mortgage rate was 4.54 percent, up from 3.78 percent a year ago, according to Freddie Mac.
Houston’s median home price rose to $236,870 in August, up 3 percent from $230,000 in August of last year.
In August of last year, home sales were disrupted for more than a week by Hurricane Harvey and subsequent flooding. Some 6,090 single-family homes were sold during the storm-impacted August 2017.