Houston Real Estate Highlights in October

[Jhoana Olarte]

• Single-family home sales rose 8.1 percent year-over-year, with 7,231 units sold;
• On a year-to-date basis, single-family home sales are 4.2 percent ahead of 2018’s record pace;
• Days on Market (DOM) for single-family homes edged up from 58 to 59 days;
• Total property sales increased 6.2 percent, with 8,579 units sold;
• Total dollar volume jumped 7.9 percent to $2.4 billion;
• The single-family home median price rose 2.1 percent to $239,900, achieving an October high;
• The single-family home average price was up 1.3 percent to $298,354 – also a record high for an October;
• Single-family homes months of inventory hit a 4.0-months supply, up from 3.9 months last October and slightly below the 4.3-months supply peak achieved in June and July. For comparison, the national housing inventory is at a 4.1-months supply, according to NAR;
• Townhome/condominium sales fell 3.2 percent year-over-year, with 510 units sold. The average price declined 5.2 percent to $199,045 while the median price rose 6.8 percent to $164,500;
• Single-family home leases increased 2.4 percent with the average rent up 2.3 percent to $1,795;
• Volume of townhome/condominium leases dropped 15.2 percent with the average rent unchanged at $1,543.