Houston home sales cool with the weather
HOUSTON – Weary of limited housing inventory, local homebuyers stepped back in October, which became the second month of 2021 to experience a decline in home sales. The first was July.
According to the Houston Association of Realtors’ (HAR) Oct. 2021 Market Update, single-family home sales fell 5.2 percent from October 2020, down from 9,183 sales to 8,703.
On a year-to-date basis, however, local home sales are 12.9 percent ahead of 2020’s record pace. Sales are up 21.6 percent from 2019, the previous record-setting year.
Total dollar volume increased 9.9 percent over the year to more than $3.8 billion.
Home prices appreciated once again. The median single-family home price climbed 14.7 percent to $305,000, while average price increased 13.1 percent to $377,631. Both are record prices for an October but are well below the all-time pricing highs set in June 2021.
Total active listings fell 11.4 percent to 26,851 homes for sale. Pending single-family sales increased 8.2 percent to 9,492.
Total days on market for single-family homes dropped from 48 days last year to 32 days in October 2021. Months of inventory fell to 1.8 months. The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.
According to HAR, homes priced from $500,000 to $1 million had the largest jump in sales, increasing 23.1 percent year over year. That was followed by the luxury market, which includes homes priced above $1 million.
October sales of townhouses and condominiums increased for the 14th consecutive month, jumping 7.6 percent with 683 closed sales versus 635 a year earlier. The average price rose 12.6 percent to $247,846, and the median price shot up 23 percent to $219,000. Inventory fell from 3.9 months to 2.3 months.
The Texas Real Estate Research Center has more information on housing:You might also like
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