Houston Real Estate Market Report November 2018

With the holidays right around the corner, it is no surprise that the Houston housing market has slowed, however, not enough to deviate from its record-setting pace.

According to the latest MLS Press Release released by the Houston Association of Realtors, there was a 2.0% decline in single family homes with 6,159 homes sold compared to 6,285 a year earlier. Total active listings increased 8.9% to 40,530.  Inventory rose from a 3.6-months supply to 3.9 months.  The median price of a single-family home increased 4.4% to $235,000 and the average price climbed 4.3% to $295,084, both record highs for November. Days on Market improved to 60 from 62 last November. The total dollar volume for November increased 3.9% to $2.1 billion.

Lease Property Update

Single-family home leases leaped 15.3% and townhome and condominium leases slightly increased 0.6%. The average rent for single-family homes decreased 1.3% to $1,743 and the average rent for townhomes and condominiums slightly increased 0.5% to $1,505.

Townhouse/Condominium Update

In November, townhome and condominium sales decreased 2.8%, with 488 units sold from 502 a year earlier. The average price jumped 9.0% to $213,043 and the median price increased 4.5% to $165,000. Inventory increased from a 3.7-months supply to 4.1 months.