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