According to the latest MLS report from Houston Association of Realtors (HAR), the Houston housing market experienced declines again in November, the second month in a row that Houston area home sales were down. The decline is believed to be due to continued concerns within the energy industry, combined with the holiday shopping season. What’s different with the November decline compared to October, this month also saw the average sales price drop as well. This was the first time since February 2012 that the average sales price has dropped.
November Real Estate Numbers for Houston
The HAR November 2015 MLS report indicates that single-family home sales fell 10.5 percent in November 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 10.1 percent, with total dollar volume falling 13.5 percent.
Not all of the numbers were down though, as the median home sales price rose 2.2 percent to $200,000 - the highest level ever for a November.
Nancy Furst with Berkshire Hathaway HomeServices Anderson Properties, and HAR Chair, stated “The Houston housing market saw further correction in November and will likely exit the year with exactly the declines that were forecast coming off record-setting sales in 2014 and an environment of limited inventory and plunging oil prices.” So in other words, the downward trend is expected to continue through the rest of the year.
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