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Home sales volume keeps pace with 2015 while pricing achieves October highs
HOUSTON — (November 9, 2016) — Despite continued strains within the energy industry and jitters surrounding the outcome of the presidential election, the Houston housing market held steady for a second straight month. Home sales in October were statistically unchanged compared to October 2015. Homes priced between $150,000 and $500,000 experienced positive sales volume while the market’s high and low ends saw declines, mirroring September’s trends. Both median and average price reached record highs for an October.
According to the latest monthly report prepared by the Houston Association of Realtors (HAR), a total of 5,916 single-family homes sold in October compared to 5,893 a year earlier. On a year-to-date basis, home sales are up 1.2 percent compared to this point in 2015. Inventory levels grew slightly from a 3.5-months supply to 3.8 months.
"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."
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.
October sales of all property types in Houston totaled 7,120, up a fractional 0.7 percent from the same month last year. Total dollar volume for properties sold in October rose 1.4 percent to $1.9 billion.
Houston's monthly housing market indicators yielded positive readings compared to October 2015. On a year-over-year basis, single-family homes sales were statistically unchanged, total property sales rose fractionally, total dollar volume grew, and both the median and average home prices climbed to record October highs.
Month-end pending sales for single-family homes totaled 6,589, an increase of 16.4 percent compared to last year. Total active listings, or the total number of available properties rose 9.2 percent from October 2015 to 37,111.
Single-family homes inventory edged up from a 3.5-months supply to 3.8 months. For perspective, housing inventory across the U.S. currently stands at a 4.5-months supply, according to the latest report from the National Association of Realtors (NAR).
|CATEGORIES||OCTOBER 2015||OCTOBER 2016||CHANGE|
|Total property sales||7,071||7,120||0.7%|
|Total dollar volume||$1,837,260,865||$1,863,107,351||1.4%|
|Total active listings||33,993||37,111||9.2%|
|Single-family home sales||5,893||5,916||0.4%|
|Single-family average sales price||$271,964||$277,904||2.2%|
|Single-family median sales price||$205,000||$218,000||6.3%|
|Single-family months inventory*||3.5||3.8||0.3 mos.|
|Single-family pending sales||5,660||6,589||16.4%|
Single-family home sales totaled 5,916, up 0.4 percent (considered statistically flat) from October 2015. The median price rose 6.3 percent to an October high of $218,000. The average price climbed 2.2 percent to $277,904, also a record high for an October. Days on Market (DOM), or the number of days it took the average home to sell, edged up to 55 days versus 53 last year.
Broken out by housing segment, October sales performed as follows:
HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 4,963 in October, down 1.4 percent versus the same month last year. The average sales price rose 2.6 percent to $259,534 while the median sales price increased 7.7 percent to $202,800.
Townhome and condominium sales were flat in October, with 517 units selling in versus 515 a year earlier. The average price was unchanged at $197,558, while the median price jumped 4.7 percent to $157,000. Inventory grew from a 3.3-months supply to 3.7 months.
TThe lease market cooled in October. Single-family home leases declined 1.0 percent, while townhome/condominium leases dropped 2.3 percent. The average rent for single-family homes was up 1.2 percent to $1,728, while the average rent for townhomes/condominiums was down 2.1 percent to $1,488.
Information from har.com
People living in Houston homes are lucky that the Johnson Space Center is so close. Visit seven days a week, from 9 a.m. to 7 p.m. On Tuesdays the center opens at 8:30 a.m. The center has an incredible collection of space suits, artifacts collected on missions, and even several space rockets and shuttle crafts. Tour this fascinating Houston real estate location with the NASA tram tour or the Building 9 tour. See engineers and scientists working on the next developments in space exploration. The tour stops at both historic mission control and new mission control.
Several movies highlight important aspects of the space program. The film Journey to Space has extensive interviews with astronauts Serena Aunon and Chris Ferguson. Experience the intensity of blast-off in the Blast-off Theater. The theater is also the place to get an update on the International Space Station. Live video of the space station is also on view when the center and the station are in contact.
Come on Fridays to meet an astronaut and hear a 30-minute presentation. The astronaut will speak at 11 a.m. and 1 p.m. and will be available for questions afterward. People from Houston homes who would like a more personalized experience with an astronaut should sign up to have lunch with an astronaut. Eat a delicious meal, while hearing first-hand stories of space. Guests will be able to take photos with the astronaut at the end of the meal.
Visit the Johnson Space Center to find out about other upcoming events and learn more about the many exhibits.
The Houston Zoo is the place to go to see an amazing variety of exotic creatures without having to go far from residential Houston real estate. See gorillas, elephants, and tigers. Get up close to the giraffes and help feed them. Each day has a full schedule of keeper talks. Watch the elephants have a bath. Find out about the reptiles at the Reptile House. Hear a talk on the great apes, meerkats, or birds from around the world. The schedule varies, so there are opportunities to find out about many of the animals that call Houston home. To get a truly in-depth experience, consider booking a tour. Each tour focuses on one area of the zoo and is led by an experienced keeper.
The zoo is also the Houston real estate location of the Kipp Aquarium. There are over 200 species in the aquarium, including corals from the Pacific Ocean, stingrays from the Amazon, and rescued sea turtles. Younger visitors to the zoo will enjoy the McGovern Children’s Zoo. Visit the petting zoo, run around the playground, and see live animal shows.
The zoo is open seven days a week from 9 a.m. to 7 p.m. The last entry is 6 p.m. General admission is $17 for those ages 12 to 64. Children two to 11 pay $13, while seniors 65 and older pay $10.50. Consider a membership to be able to visit the zoo for free anytime. Visit the Houston Zoo to get more details about the animals, special exhibits, and memberships.
The Bayou Bend Collection and Gardens is a very special Houston property. Located on the grounds of the Museum of Fine Arts, Bayou Bend was the Houston home of noted philanthropist and collector Ima Hogg. Tour the house to see one of the world’s finest collections of American ceramics, silver, paintings, and furnishings. Bring your smartphone to enjoy an audio tour highlighting objects in the collections that relate to Alexander Hamilton’s life. With the popularity of the smash-hit Broadway musical, many people in Houston want to learn more about the life and work of one of America’s founding fathers. School aged kids are invited to sign up for history camp during the summer months. Kids will learn colonial games, try on period clothing, learn to write with a quill pen, mold candles, and apprentice to a blacksmith. Children six and younger are invited to Detective Days, where they will solve a mystery in the gardens. Along the way, kids will hone their critical thinking and observation skills.
The gardens at Bayou Bend represent a true labor of love by Ima Hogg. When she bought the 14-acre Houston property, she said the grounds were “nothing but a dense thicket.” She transformed the thicket into a stunning garden, designed in the classical style to complement the house. Open hours are Tuesday through Saturday from 10 a.m. to 5 p.m. and Sunday from 1 to 5 p.m. Visit Bayou Bend to find out about tour options and upcoming events.