2016: Houston Home Sales on a Record Pace

In Houston, Houston’s home sales are on a record-setting pace in 2016, as stated by new sales totals from the Houston Association of Realtors.

Year-to-date through October, 63,973 homes were sold, a 1.2 percent increase over the sales in the comparable period of 2015, the HAR reports.

“The Houston housing market continues to demonstrate its strength by holding steady in the midst of a weakened energy sector and uncertainty about the presidential election,” said HAR Chairman Mario Arriaga with First Group. “Even without those influences, autumn traditionally marks a period of slower sales, so we are extremely pleased to see the market keeping pace with last year’s record levels.”

Homes priced between $150,000 and $500,000 showed the most strength in the market, which has been threatened by a decline in the city’s energy industry.

In As stated by Har, a total of 5,916 single, family homes sold in October, a small increase, only 23 homes, over the sales total of October 2015.

The single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 6.3 percent to $218,000 That marks the highest median price ever for an October. The average price increased 2.2 percent to $277,904, which also represents an October high.

The single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 6.3 percent to $218,000 That marks the highest median price ever for an October. The average price increased 2.2 percent to $277,904, which also represents an October high.

Last week, at the National Association of Realtors annual convention in Orlando, which was staff-covered by Ev Konut Proje, the only Houston news outlet to cover the national convention, the NAR reported that 2016 has been a good year for the nation’s housing market.

Lawrence Yun, chief economist of the National Association of Realtors, in a speech Friday at the annual Realtors conference said he expects existing home sales will be about 5.36 million in 2016, the best year since 2006 when 6.47 million home sales were reported.

“Barring a major economic upheaval, home sales next year should grow about 2 percent to around 5.46 million and could increase 4 percent in 2018 to 5.68 million,” he added. “In addition, the national median existing home price is slated to rise to around 4 percent both this year and in 2017.

Yun predicted that 30-year mortgage rates will rise to about 4.5 percent at the end of 2017, up from 3.6 percent currently.