HOUSTON – (Realty News Report) – Houston’s housing market remained hot in November as the city moved closer to posting a record year, driven by strong demand and favorable mortgage conditions.
The Houston Association of Realtors reported 6,395 single-family home sales in November, a 3.6 percent increase compared with the same month last year. That figure represents the strongest November on record for Houston home sales.
Low mortgage rates and robust job growth helped push the market ahead; on a year-to-date basis, sales were up 4.1 percent compared with the prior year.
“2019 was a solid, steady year for real estate with consistent activity throughout and low interest rates serving as a catalyst for many buyers,” said Amy Bernstein of Bernstein Realty. “As we enter a new decade, I look forward to 2020 with excitement and optimism.”
Single-family home prices in Houston reached new November highs, with the median price rising 2.5 percent to $240,900. The median represents the midpoint at which half of the homes sold for more and half sold for less.
“Houston benefits from a stable, resilient market with broadly positive indicators,” said Bill Baldwin, owner and broker of Boulevard Realty. “That said, real estate is inherently local. Some neighborhoods or market segments may not perform as well due to price normalization, past flooding impacts, or other local factors.”
The inventory of single-family homes in November represented a 3.8-months supply, a level that keeps Houston categorized as a sellers’ market. A balanced market typically reflects about a six-month supply of homes.
Sales typically slow in December because of seasonal trends, though December 2019 could be somewhat stronger than the usual sluggish month given current conditions.
Pending home sales were up 23.5 percent compared with December 2018, indicating a healthy pipeline of upcoming transactions.
“The end of the year usually brings a slower pace of sales, so we welcome another month of gains,” said HAR Chair Shannon Cobb Evans of Better Homes and Gardens Real Estate Gary Greene. “Continued low interest rates and a market that added more than 80,000 jobs over the past year, according to the Texas Workforce Commission, are supporting activity.”
Dec. 12, 2019 Realty News Report Copyright 2019
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