Houston Home Sales Gain Ground in September
While some Houston neighborhoods are still feeling the effects of Harvey’s impact, the Houston real estate market made strong strides in September. According to the Houston Association of Realtors, September 2017 single-family home sales are up 4.2% compared to the same month last year.
The luxury market lead the way, with home sale volumes up by 20.4% for the price range of $500,000 to $749,999. Homes priced from $250,000 to $499,999 saw a 14.8% rise in sales volumes. The only price range failing to rise in transaction volume were homes priced under $150,000; but this is largely due to a lack of inventory in this category.
Home price gains posted a September record, with the median price rising 5.5% to reach $232,000, and the average home price rising 5.4% to reach $291,767.
Meanwhile, active Houston home listings are up by 7.4% compared to a year ago. However, this has not resulted in a significant uptick in home inventory, due to strong buyer demand and a healthy rate of absorption. Currently, single-family inventory stands at a 4.1 month supply, which is in line with the national average of a 4.2 month supply.
Houston homeowners should consider capitalizing on these market conditions while buyers are motivated, and mortgage interest rates remain low! Begin with a free, no-obligation market value analysis by the KW Energy Corridor Team! Contact us today for your personal real estate consultation!
KW Energy Corridor Team
Michael Bossart
11757 Katy Fairway | Suite 930
Houston, TX 77079
908-872-9332
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