After the usual summer frenzy, most believe that fall is a slow season for real estate activity. However, Houston’s October housing statistics will dispel this myth. Residential sales in Houston soared in October 2014, driving up home prices and depleting home inventory, with the largest sales activities among homes priced between $250,000 and the millions. According to the latest monthly report prepared by the Houston Association of Realtors (HAR), single-family home sales totaled 6,639 units, an increase of 12.3 percent compared to October 2013.
- Single-family home sales rose 12.3 percent versus October 2013;
- Total property sales were up 12.9 percent year-over year;
- Total dollar volume climbed 22.2 percent, increasing from $1.7 billion to $2 billion on a year-over-year basis;
- At $192,000, the single-family home median price achieved a record high for an October;
- At $262,013, the single-family home average price also reached an October high;
- Days on Market for single-family homes was 51, slightly above July’s record low of 45 days;
- Rentals of single-family homes shot up 13.1 percent year-over-year and the cost of renting those homes increased 4.0 percent to $1,711.
- Townhouse/condominium rentals rose 8.5 percent, with rents flat at $1,592.
For the full report, please visit: http://www.har.com/mls/dispPressRelease.cfm?MONTH=11&YEAR=14&utm_source=HAR+Membership&utm_campaign=f6bbdf8fb3-March_2014_MLS_Release4_9_2014&utm_medium=email&utm_term=0_5c0a7c027d-f6bbdf8fb3-251795225