HOUSTON REAL ESTATE SOARS AGAIN IN OCTOBER

[Jhoana Olarte]

• Single-family home sales increased for a fifth consecutive month, surging 29.2 percent year-over-year with 9,287 units sold

• The Days on Market (DOM) figure for single-family homes lowered from 59 to 47 days

• Total property sales shot up 31.5 percent with 11,232 units sold

• Total dollar volume jumped 46.1 percent to $3.5 billion

• The single-family home median price climbed 11.1 percent to $266,685 – the highest median price for an October

• The single-family home average price increased 12.4 percent to $334,996 – the highest average price for an October

• Single-family homes months of inventory registered a 2.4-months supply, down from 3.8 months last October and below the national inventory level of 2.7 months. The last time inventory was that low was in December 2014

• Townhome/condominium sales jumped 28.3 percent, with the average price up 10.8 percent to $220,326 and the median price up 8.2 percent to $178,000

• Single-family home rentals fell 5.1 percent with the average rent up 6.2 percent to $1,907

• Townhome/condominium leases jumped 11.0 percent with the average rent up 3.5 percent to $1,595