HOUSTON – (Realty News Report) – Houston Realtors say September 2019 marked the strongest September in the city’s real estate history.
A total of 7,035 single-family homes sold in September, up 9.5 percent from September 2018, according to the Houston Association of Realtors.
Lower mortgage rates motivated many buyers to enter the market, while the supply of homes for sale remained ample. In recent years, inventory has been notably tight, making it difficult for buyers to find homes in their preferred neighborhoods and price ranges.
“I cannot recall a fall in Houston when home sales and rentals were quite this brisk,” said HAR Chair Shannon Cobb Evans of Better Homes and Gardens Real Estate Gary Greene. “Historically low interest rates and a strong local economy have attracted more buyers than usual and kept Realtors like myself extremely busy. We remain on track for another record year.”
On a year-to-date basis, home sales are 3.8 percent ahead of the pace set in 2018, which was the record year for annual home sales.
Mortgage rates recently averaged 3.64 percent for 30-year fixed-rate loans — more than a full percentage point lower than a year earlier, according to Freddie Mac.
Houston home prices also reached the highest levels ever recorded for a September. The median price was $244,000, a 4.7 percent increase from the same month a year earlier.
Oct. 9, 2019 Realty News Report Copyright 2019
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