HOUSTON – (Realty News Report) – Houston’s residential realty market is on pace to have a record year.
On a year-to-date basis, home sales are 4.6 percent ahead of 2017’s record volume.
According to the latest monthly report from the Houston Association of Realtors, 6,159 single-family homes sold in November compared to 6,285 a year earlier, or a decline of 126 homes, representing a 2 percent decline. Inventory edged up from a 3.6-months supply to 3.9 months.
The median price of a single-family home (the figure at which half of the homes sold for more and half for less) rose 4.4 percent to $235,000 and the average price increased 4.3 percent to $295,084. Both represent the highest prices ever for a November.
The Houston real estate market had a largely positive performance in November and remains on track to set new sales records when the books are closed on 2018. As consumers turned their attention to holiday shopping, single-family home sales fell slightly.
Month-end pending sales for single-family homes totaled 6,052, which represents a 5.8 percent increase over last year.
Total active listings, or the total number of available properties, climbed 8.9 percent to 40,530.
Single-family homes inventory saw some growth in November, reaching a 3.9-months supply versus a 3.6-months supply a year earlier. For perspective, housing inventory nationally stands at a 4.3-months supply, according to the latest report from the National Association of Realtors.
