Houston Real Estate Market Hits All Time Highs
Homes Sales Continue To Outpace Record 2017 Volume
Houston’s real estate market had a banner summer as buyers closed on more homes than any other month in history and at sales prices never before reached.From low-end to luxury, houses are selling throughout the area, even as last year’s hurricane remains on the minds of many Houstonians.
Single-family closings in June totaled 8,518 homes, reaching a record high. The June sales data showed declines in lower-priced homes because there’s so few of them relative to demand. Homes priced under $200,000 are selling at a fast clip and often after getting multiple offers. If it’s a good house, and sometimes even if it’s not, it’s gone. There’s just not much left in that price range.
The housing market cooled off slightly in September with 6,548 single-family homes sold, however, home sales are running 5.6 percent ahead of 2017’s record volume. The single-family home median price increased to $232,500, and the average price edged up 1.2 percent to $295,765. Both represent the highest prices ever for a September.
The Houston economy is strong and the employment landscape across Houston remains robust and has served as a solid driver for real estate throughout 2018. Metro Houston created 110,200 jobs in the 12 months ending August 2018. That is a 3.7 percent increase and the strongest 12-month pace in more than three years.
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