HOUSTON – (Realty News Report) – Houston home sales surged 29 percent in October as persistently low mortgage rates encouraged buyers to act, the Houston Association of Realtors reported Wednesday.
This marked the strongest October on record for the Houston housing market.
The association reported 9,287 single-family homes sold in October, up from 7,187 sales in the same month last year.
Year-to-date sales are currently 7.7 percent ahead of the 2019 record pace, making it highly likely that 2020 will finish as a record year for residential transactions in the Houston area.
Mortgage rates have remained near 3 percent for months, and the Federal Reserve has signaled a strategy that will keep rates low for an extended period. Those historically low borrowing costs are continuing to support strong demand in the housing market.
“There was no way to anticipate that the Houston housing market would move at such incredible velocity when coronavirus struck, but I believe it is a testament to the importance of meeting consumers’ housing needs during a pandemic and the dedication of hard-working real estate professionals throughout our community,” said HAR Chairman John Nugent of RE/MAX Space Center.
The single-family home median price rose 11.1 percent to $266,685, while the average price increased 12.4 percent to $334,996. Both figures represent record highs for an October in Houston.
Nov. 11, 2020 Realty News Report Copyright 2020
File: The Best October in Houston home sales.
Photo credit: Ralph Bivins, Realty News Report. Copyright 2020