Houston Association of Realtors: Single-family home sales lower for sixth month as housing market normalizes

September sales of single-family homes declined to 7,664 units sold from September 2021's 9,235 units sold, according to the Houston Association of Realtor's Oct. 12 market update.

Year-over-year sales volume has trended downward for the last six months as federal interest rates and average home prices have increased.

The median single-family home price rose 14.7% in the last year to $343,950; median values peaked in June at $355,000, according to HAR.

High-end homes were the top performers in September, as sales for homes priced $500,000-$1 million rose 12.6% year over year.

"The high end of the market continues to perform well, as is the rental market. But because of a lack of homes priced below $400,000, the market as a whole is slowing to levels we were accustomed to before the pandemic," HAR Chair Jennifer Wauhob said in the market update.

Single-family homes sold between $1-$99,999, $100,000-$149,999, $150,000-$249,999 and $250,000-$499,999 all decreased when compared to last September.

Townhomes and condominiums followed similar trends, declining in sales for the fourth consecutive month, according to HAR.