Houston-area home sales up 29% year over year in September

Houston real estate market
The Houston real estate market stayed hot in the final weeks of summer. September saw a 29.1% increase in year-over-year sales, according to the Houston Association of Realtors. (Courtesy Adobe Stock)

The Houston real estate market stayed hot in the final weeks of summer. September saw a 29.1% increase in year-over-year sales, according to the Houston Association of Realtors. (Courtesy Adobe Stock)

For the fourth month in a row, the Houston Association of Realtors is reporting continued year-over-year sales growth, with 9,101 single-family homes having been purchased in September—a 29.1% increase. Year-to-date, Houston is trending over 5% better than 2019 sales figures amid low interest rates and economic uncertainty.

“September sales defied expectations; ... however, we anticipate that the pace of sales will soon slow down since there just aren’t a whole lot of homes out there for consumers to buy,” HAR Chairman John Nugent with RE/MAX Space Center said in a news release.

According to HAR data, the supply of available homes is now at its lowest level since December 2014. Sales in August previously brought inventory to a five-year low.

The highest-priced homes saw even bigger gains, with an 81.5% spike in the number of transactions. The $500,000-$750,000 tier also increased 58.1% year over year. Homes in the middle tier, $250,000-$499,999, saw 46.7% more sales year over year.

Prices also rose, with the single-family median reaching $265,000 and the average reaching $329,801, both setting records for September.

The single-family home median price rose 8.3% to $265,000, while the average price rose by 10.1% to $329,801. Both figures are record highs for the month of September.
By Matt Dulin
Matt joined Community Impact Newspaper in January 2018 and is the City Editor for Houston's Inner Loop editions.


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