Houston single-family home sales increased 8% in comparison to October 2016 and this increase put year-to-date sales in positive territory. Sales are up 3% for the year and continue to steer forward positively in the aftermath of Harvey. Pending sales rose 20% from October 2016 and that is the best indication of the future market – good sales volume – at least for November. Due to this unusually high increase in pending sales, it is also very probable that 2017 may close out as a better real estate year than 2016 even with Harvey’s devastating impact! All metrics for residential real estate are looking good as can be seen in the graph depicted below.
Here’s a glance at the trends for the month and year:
*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.
Houston Home Sales by Price Cohort for 2017
What price ranges have the largest increase in sales in Houston in October? The following price cohorts experienced the largest increase compared to 2016:
Based on the entire spectrum of Houston price cohorts, homes priced $399,999 and below are in a sellers’ market. Homes priced $400,000 and above are in a buyers’ market.
The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries. Some areas are exceeding Houston’s overall growth in sales while others are lagging behind. For a breakdown of activity by area with a map, CLICK HERE.
To see the hottest selling geographical areas for the month in Houston, CLICK HERE.
To search for homes by price range and map, go to www.GaryGreene.com.
Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene