Houston's lux home prices dive in first half 2016Houston's lux home prices dive in first half 2016https://www.recenter.tamu.edu/news/newstalk-texas/?Item=149682016-10-28T05:00:00Z2016-10-28T20:35:00Z

​HOUSTON - Sales of Houston's most expensive homes fell 7.9 percent during the first eight months of 2016 compared with the same time last year, according to the Texas Association of Realtors' Texas Luxury Home Sales report.

The decline corresponds with a significant loss in high-paying energy jobs, a result of oil prices plummeting from more than $100 per barrel two years ago.

In fact, Houston was the only major metro area in the state with a decline in so-called luxury housing—homes that sold for at least $1 million.

Buyers closed on 974 luxury homes in the Houston area at a median price of about $1.4 million.

The median was down 2.9 percent from a year earlier, according to the report, which is based on data from the Real Estate Center at Texas A&M University.

Among Texas' metro areas, Austin's luxury homes had the highest price per sf—$345.

Houston's median price per sf for luxury homes was $317, compared with $115 per sf for the remainder of the market.

The report noted the slowdown in other ways:

  • The number of luxury homes on the market as of August was 1,449, a 29 percent spike from a year earlier.
  • ​Luxury homes spent an average of 85 days on the market, an increase of 11.8 percent over last year.

Houston Chronicle
Houston-The Woodlands-Sugar Land

​Want to see more data? Check out Houston's Housing Market Research.

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