HOUSTON – (Realty News Report) – Houston home sales kept up their fall momentum in October, with 7,231 homes sold, an 8.1 percent increase compared with October of last year.
October 2019 marked the strongest October on record for Houston Realtors, following the most active September the market has ever seen.
As a result, 2019 is on track to be the best year ever for Houston home sales. Through October, year-to-date sales are 4.2 percent higher than the same period last year.
“Consumers continue to take advantage of attractive buying conditions — low interest rates, a healthy supply of homes on the market and a strong overall Houston economy,” said HAR Chair Shannon Cobb Evans of Better Homes and Gardens Real Estate Gary Greene.
Mortgage rates averaged 3.69 percent in the latest Freddie Mac survey for 30-year fixed-rate loans, a significant improvement from 4.94 percent a year earlier.
At the National Association of Realtors annual conference in San Francisco, NAR Chief Economist Lawrence Yun told reporters that mortgage rates are likely to remain below 4 percent in 2020.
The near-term outlook for home sales remains positive. HAR reported pending home sales rose 19.7 percent at the end of October, indicating strong momentum heading into November.
“Houston is an amazing market for us,” said Scott Durkin, president of Douglas Elliman Real Estate, which recently expanded into Houston. He made the remarks during a Douglas Elliman event and “The Wealth Report” presentation at the Post Oak Hotel.
Home prices in Houston continued to climb. The median sale price — the point at which half of the homes sold for more and half for less — increased 2.1 percent to $239,900, HAR reported.
Beyond the boost from lower mortgage rates, buyers also benefited from a slightly larger inventory of homes. Housing supply rose to a four-month supply in October, up from 3.9 months in October 2018. In recent years, inventory in Houston has sometimes been very tight, making it harder for buyers to locate the right home in the right neighborhood at the right price.
Nov. 14, 2019 Realty News Report Copyright 2019
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