Home sales push total dollar volume past record set in 2007-provided by HAR MLS Press Release
HOUSTON — (November 19,
2013) — Twenty-nine consecutive months and counting.
That’s how long Houston home sales have held to positive territory. Home buyers
sent housing inventory levels down to 3.1 months in October compared to 4.4
months one year earlier, but they also contributed to a record total dollar
volume.
According to the latest monthly report prepared by the Houston Association of
REALTORS®, home sales climbed 13.5 percent year-over-year, with contracts
closing on 6,020 single-family homes. That is the lowest one-month sales volume
since March.
The median price of a single-family home—the figure at which half the homes
sold for more and half for less—rose 8.9 percent to $177,500. The average price
increased 7.9 percent year-over-year to $239,773. Both figures represent the
highest prices for an October in Houston.
October brought gains to all housing segments except the under-$80,000
market. Homes selling from $150,000 through $500,000 scored the greatest
increase in sales
volume.
“Home sales have shown no sign of letting up, which illustrates
the strength of the Houston economy and its continued job growth,” said HAR
Chairman Danny Frank with Coldwell Banker, United REALTORS®. “Unfortunately, the
home buying frenzy has also sparked a recent wave of scams in which for-sale
properties are falsely advertised in online listings as rentals with scam
artists trying to take advantage of unsuspecting consumers. HAR urges consumers
to always work with a REALTOR® and remember that a deal that sounds too good to
be true most likely is too good to be true.”
Foreclosure
property sales reported in the HAR Multiple Listing Service (MLS)
fell 46.9 percent compared to October 2012. Foreclosures currently make up just
7.5 percent of all property sales, down from 19.6 percent at the beginning of
the year. The median price of foreclosures edged up 0.9 percent to $85,706.
October sales of all property types in totaled 7,322, a 14.7 percent increase
over the same month last year. Total dollar volume for properties sold rose 26.7
percent to $1.7 billion versus $1.3 billion a year earlier. At $17.7 billion
total dollar volume for the year, 2013 has already surpassed 2007’s
record-setting total dollar volume of $16.6 billion.
October
Monthly Market Comparison
Houston’s
real estate market experienced gains in all categories
in October when comparing sales to October 2012. Total property sales, total
dollar volume and average and median pricing all rose on a year-over-year
basis,
Month-end pending sales totaled 3,995, a 3.7 percent gain over last year and
a strong indicator of another month of positive sales when the November numbers
are tallied. Active listings, or the number of available properties, at the end
of October dropped 16.5 percent to 31,638.
Houston’s inventory of
available homes dipped from 3.2 months in September to 3.1
months in October, down from 4.4 months of inventory one year ago. The inventory
of single-family homes across the United States currently stands at 5.0 months,
according to the latest report from the National Association of REALTORS®
(NAR).
| CATEGORIES |
OCTOBER 2012 |
OCTOBER 2013 |
CHANGE |
| Total property sales |
6,385 |
7,322 |
14.7% |
| Total dollar volume |
$1,334,844,884 |
$1,690,606,011 |
26.7% |
| Total active listings |
37,909 |
31,638 |
-16.5% |
| Total pending sales |
3,854 |
3,995 |
3.7% |
| Single-family home sales |
5,303 |
6,020 |
13.5% |
| Single-family average sales price |
$222,187 |
$239,773 |
7.9% |
| Single-family median sales price |
$163,000 |
$177,500 |
8.9% |
| Months inventory* |
4.4 |
3.1 |
-30.3% |
* Months inventory estimates
the number of months it will take to deplete current active inventory based on
the prior 12 months sales activity. This figure is representative of the
single-family homes market.
Single-Family
Homes Update
October
sales of single-family homes in Houston totaled 6,020, up 13.5 percent from
October 2012. That marks the 29th consecutive monthly increase.
Home prices reached the highest levels
ever recorded in Houston for an October. The single-family median price rose 8.9
percent from last year to $177,500 and the average price climbed 7.9 percent
year-over-year to $239,773.
Broken out
by housing segment, October sales performed as follows:
$1 -
$79,999: decreased 28.6 percent
$80,000 -
$149,999: increased 7.1 percent
$150,000
- $249,999: increased 26.1 percent
$250,000
- $499,999: increased 23.6 percent
$500,000
- $1 million and above: increased 21.3 percent
HAR also
breaks out the sales performance of existing single-family homes throughout the
Houston market. In October 2013, existing home sales totaled 5,160, a 16.2
percent increase from the same month last year. The average sales price rose 6.8
percent year-over-year to $223,446 while the median sales price rose 10.3
percent to $165,500.
Townhouse/Condominium
Update
October
sales of townhouses and condominiums were up 20.0 percent from one year earlier.
A total of 583 units sold last month compared to 486 properties in October 2012.
The average price rose 12.5 percent to $189,429 while the median price was flat
at $135,000. Months inventory fell to 2.9 months versus 5.0 months in October
2012.
Lease
Property Update
Houston’s
lease property market showed further growth in October. Rentals of single-family
homes rose 9.4 percent compared to October 2012 while year-over-year
townhouse/condominium rentals increased 3.2 percent. Average rents retreated
slightly from their recent record highs, although they are up year-over-year.
The average rent for a single-family home rose 5.4 percent to $1,647 while the
average rent for a townhouse/condominium increased 5.2 percent to $1,463.
Houston
Real Estate Milestones in October
- Single-family home sales increased 13.5 percent year-over-year, accounting
for the market’s 29th straight monthly increase;
- Total property sales rose 14.7 percent compared to one year earlier;
- Total dollar volume climbed 26.7 percent, increasing from $1.3 billion to
$1.7 billion on a year-over-year basis; at $17.7 billion total dollar volume for
the year, 2013 has already surpassed 2007’s record-setting total dollar volume
of $16.6 billion.
- At $177,500, the single-family home median price reached the highest level
for an October in Houston;
- At $239,773, the single-family home average price also reached an October
high;
- 3.1 months inventory of single-family homes is down from 3.2 months in
September 2013 and down from 4.4 months in October 2012 while comparing to the
national average of 5.0 months;
- Sales of townhouses/condominiums rose 20.0 percent year-over-year.
- Rentals of single-family homes rose 9.4 percent while and
townhouse/condominium units increased 3.2 percent.
The computerized Multiple
Listing Service of the Houston Association of REALTORS® includes residential
properties and new homes listed by REALTORS® throughout Harris, Fort Bend and
Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton
counties. Residential home sales statistics as well as listing information for
more than 50,000 properties may be found on the Internet at
http://www.har.com.
The
information published and disseminated to the HAR Multiple Listing Services is
communicated verbatim, without change by Multiple Listing Services, as filed by
MLS participants.
The MLS does not verify the information provided and
disclaims any responsibility for its accuracy. All data is preliminary and
subject to change. Monthly sales figures reported since November 1998 includes a
statistical estimation to account for late entries. Twelve-month totals may vary
from actual end-of-year figures. (Single-family detached homes were broken out
separately in monthly figures beginning February 1988.) Founded in 1918, the
Houston Association of REALTORS®
(HAR) is a member organization of real estate professionals engaged in
every aspect of the industry, including residential and commercial sales and
leasing, appraisal, property management and counseling. It is the largest
individual dues-paying membership trade association in Houston as well as the
second largest local association/board of REALTORS® in the United States.
Cypress Texas | Tomball Texas | Houston | Homes for Sale | Heidi Bridwell | RE/MAX
