Single-family home sales rose 12.8% year over year while the average home price rose 5.2% to $423,166 in the Greater Houston area, according to the Houston Association of Realtors’ October Housing Update released Nov. 13.

The details

The report also found:
  • Townhome/condominium sales increased for the first time in two years with sales up 6.5% year over year.
  • Sales of existing homes increased 14.7% year over year.
  • Single-family home months of inventory registered a 4.4-months supply, up from 3.5 months last October.
Also of note

According to the report, sales in October for homes priced between:
  • $1-$99,999 increased 4.5%
  • $100,000-$149,999 decreased 7.3%
  • $150,000-$249,999 increased 16.1%
  • $250,000-$499,999 increased 7.9%
  • $500,000-$999,999 increased 25.9%
  • $1 million-plus increased 33.8%
Quote of note

“While mortgage rates have edged up, they remain well below the peak levels reached last year,” said HAR Chair Thomas Mouton. “This more favorable rate environment is helping sustain buyer demand and driving continued activity in the Houston housing market as we enter the final months of 2024.”