HOUSTON – (Realty News Report) – Houston Realtors report September 2019 was the strongest September in Houston real estate history.
A total of 7,035 single family homes were sold in September, up 9.5 percent from September of 2018, according to the Houston Association of Realtors.
Lower mortgage rates enabled buyers to jump into the market while the inventory of homes for sale has been plentiful. In recent years, inventory has exceptionally low, making it harder for buyers to locate homes in their desired neighborhood and price range.
“I cannot recall a fall in Houston when home sales and rentals were quite this brisk,” said HAR Chair Shannon Cobb Evans with Better Homes and Gardens Real Estate Gary Greene. “Historically low interest rates and a strong overall local economy have drawn more buyers than usual to the market and kept Realtors like myself extremely busy. We remain on track for another record year.”
On a year-to-date basis, home sales are running 3.8 percent ahead of the sales pace in 2018, which was the record high year for annual home sales.
Mortgage rates recently averages 3.64 percent rate on 30-year, fixed-rate loans – down more than one percent from a year ago, according to Freddie Mac.
Houston home prices climbed to the highest levels ever for a September. The median price was $244,000, up 4.7 percent from one year prior.
Oct. 9, 2019 Realty News Report Copyright 2019
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