According to the latest MLS report from Houston Association of Realtors (HAR), the Houston housing market experienced declines in October versus the same month last year. This decline was seen in most categories, including total dollar volume, single-family home sales and total property sales. The momentum shift can be attributed to a downturn in the oil industry as well as a traditional autumn slowdown. But even with these declines, overall home prices reached the highest levels ever for a month of October.
October Real Estate Numbers for Houston
The HAR October 2015 MLS report indicates that single-family home sales fell 10.2 percent in October 2015 compared to the same month the previous year. This is the steepest decline of the year (and the fifth overall decline). Total property sales were also down 12.1 percent. The declines in sales contributed to a total dollar volume decrease of 8.3 percent.
The report also points out that the Houston Real Estate market experienced record highs for single-family homes in both average price at $271,648 and median price at $205,000. In October of 2014 there was a 2.8 month supply of housing inventory in Houston, while this year that number jumped to a 3.5 month supply.
Nancy Furst with Berkshire Hathaway HomeServices Anderson Properties, and HAR Chair, stated “At the beginning of the year, we discussed how Houston home sales would normalize by the end of 2015, and after an impressive run that rivaled last year's record levels, it looks like the forecast is coming true in the fourth quarter.” So in other words, the decline in overall sales was somewhat anticipated.
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