Houston sees single-family home sales surge for first time in 19 months

For the first time in 19 months, the Houston Association of Realtors reported an increase in sales in single-family homes in a November market update released Dec. 13.

By the numbers

• Single-family home sales increased by 4.9% in November year over year, marking the first rise since March 2022, with 6,154 homes sold compared to 5,864 homes sold in November 2022.
• Single-family homes priced under $150,000 were the only housing segment in the Greater Houston area that decreased in sales in November.
• Sales of single-family homes priced at $250,000 to $500,000 increased 8% in November year over year.
• The average price of single-family homes sold in November was $404,597, compared to $400,554 in November 2022, increasing 1% year over year.

On the other hand

Continuing a downward trend, condominium and townhome sales continued decreasing for 18 months in a row, dropping 3% year over year, with 425 closed sales versus 438 the previous November.

The average price for townhomes and condominiums sold in November increased 7.3% to $272,382, and the median price increased by 11.4% year over year to $245,000 in November.

What they’re saying

“I couldn’t think of a better way to wrap up 2023 than to see positive sales trends after nearly two years of negative trending,” HAR Chairperson Cathy Trevino said in a news release. “Home sales hinge heavily on interest rates, so hopefully consumer confidence will be restored as we begin the new year.”