According to the Houston Chronicle, the Houston housing market is set up for another record breaker in terms of single-family sales which were up 3.6% year-over-year in November. The numbers come from the Houston Association of Realtors who also report that November is the fifth straight month of higher year-over-year sales. Buyers closed on 6,395 houses during the month at a median price of $240,900, up 2.5 percent from last year.
Nearly 79,000 Houston-area homes have been sold through the end of November, with year-to-date sales running 4.1 percent ahead of last year’s record volume. Sales in 2018, the previous record, totaled 82,177. Demand continues to be strongest in the lower- and mid-priced housing segments. Sales among houses priced between $250,000 and $500,000 were up 12.5 percent over last year.
Still, healthy increases in the median price have moderated over the past several months, HAR’s data show. Since July, year-over-year increase have gotten smaller.
Months inventory — the estimated time it would take to sell all the houses on the market based on recent activity — was unchanged in November, coming in at a 3.8-month supply. A 6-month supply is generally seen as a balanced market where neither buyer nor seller have the upper hand; shorter periods are seen benefiting sellers.
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