HOUSTON – (Realty News Report) – With three-fourths of the sales totals tabulated, Houston home sales are running ahead of last year’s pace, according to a report released Wednesday by the Houston Association of Realtors.
Year-to-date home sales are 5.6 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.
A strong local economy fueled the strong real estate performance. The Houston economy created 110,200 jobs in the 12-month period ending in August, the strongest job-growth pace in over three years. Oil prices have been higher, in the $70 per barrel range and that invigorated the local economy.
Houston achieved the strong sales in August, despite the rise in mortgage rates. Last week the nation’s average mortgage rate was 4.71 percent, up from 3.95 percent at the beginning of the year, according to Freddie Mac.
Houston’s median home price hit $232,500 in September, up from $230,000 in September of last year.
The association reported 6,548 single-family homes were sold in the Houston area in September. Home sales were significantly disrupted last year by Hurricane Harvey and subsequent flooding, making comparisons to the fall of 2017 almost meaningless. In September of 2017, 6,953 homes were sold, HAR reported.
By comparison, a decade ago 3,360 homes were sold in September 2008.