Houston Housing Market Still Going Strong Despite the Oil Slump

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As mentioned last week, due to an oil slump as well as energy sector layoffs, many have predicted that Houston’s housing market is soon to fall into a slump. However, from the reports at www.har.com, these forcasts seem to have yet to hit texas.

Here are some of the main takeaway’s from Octobers report;

Home Sales: Houston Realtors sold 7,026 single-family homes through HAR’s multiple listing service in October, which is a decrease of 12.1% in total property sales from October of 2014.

Home Prices: The total dollar volume of homes went down from last years by 8.3%. October of 2014 saw $1,987,933,935, whereas 2015 saw, $1,823,706,429.

Active Listings: The number of listings this month jumped from last Octover by 18.9%! Last year there were only 28,333 active listings, whereas this October there are 33,692.

Single-Family Home Sales: The number of single family homes sales went down this year by 10.2%.

Single-Family Avg Price: The average price of homes is up by 3.7% this year! Last year homes were selling, on average, at $261,875 whereas this year the price has risen to an average of $271,648.

Single-Family median Price: The median price of homes has also risen in 2015 by 6.6%. Last year the median was at $192,300, while 2015’s median is at $205,000.

Single-Family Months Inventory*: The number of homes on the market this year is higher than last year having risen by 26%. Last year the Months Inventory was at 2.8 but this year is at 3.5.

Single-Family Pending Sales:  Pending sales are down slightly from last year by 2.7%. In October of 2014 there were 6,552 pending sales, whereas in October of 2015 there are 6,374 pending sales.

 

*A months inventory estimates how many months it will take to deplete the current inventory of homes and is based on the prior 12 months of activity.

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