With plentiful inventory, the Houston housing market made healthy gains in November.
Single-family home sales surged nearly 23 percent compared to one year earlier when oil jitters sent sales tumbling. Sales among luxury homes (priced at $500,000 and above) — the segment most constrained by the ailing energy industry — leapt almost 33 percent. That represents the first increase that segment has seen since August 2015.
"It looks like the Houston real estate market is sprinting toward the 2016 finish line, based on the solid numbers in November’s report,” said Houston Association of Realtors Chairman Mario Arriaga with First Group. “We are especially encouraged by the strong sales volume that the luxury home segment registered last month."
Houston Real Estate Market Sprints to Strong Finish in 2016
As an investor looking to make it big in real estate, check out these key points from the Houston real estate market report for November:
- Homebuyer demand rose for homes priced between $150,000 and $500,000.
- Both median and average home prices reached record highs for a November.
- Single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 8.3 percent to $222,000. That marks the highest median price ever for a November.
- The average price increased 7.2 percent to $281,671, also representing a November high.
- On a year-to-date basis, home sales are up 2.7 percent compared to this point in 2015.
- Inventory levels grew slightly from a 3.4-months supply to 3.6 months.
November sales of all property types in Houston totaled 6,890, up 21.4 percent from the same month last year. Total dollar volume for properties sold in November shot up 28.7 percent to $1.8 billion.
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