Houston Market Report: November 2018
Norhill Realty December 28, 2018
As is typical this time of year, the real estate market slowed in November. Despite this seasonal slow down, 2018 continues to run at a record setting pace.
According to the latest report from the Houston Association of Realtors (HAR), 6,159 single-family homes sold in November compared to 6,285 a year earlier for a 2-percent decline. Year-to-date, home sales are 4.6 percent ahead of 2017’s record volume.
The single-family home median price rose 4.4 percent to $235,000, and the average price increased 4.3 percent to $295,084. Both represent the highest prices ever for a November. All housing segments experienced gains except for homes priced at $150,000 and below. The best-performing segment continues to be the luxury market, consisting of homes priced at $750,000 and above, which climbed 12.3 percent.
According to the Houston Association of Realtors, the 40,530 active listings in November 2018 represented a 8.9 percent increase from November 2017. Month-end pending sales for single-family homes totaled 6,052, a 5.8 percent increase over last year.
Days on Market (DOM), or the number of days it took the average home to sell, improved to 60 from 62 a year earlier.
Inventory registered a 3.9-months supply, up slightly from 3.6 months a year ago.
We will address our thoughts for 2019 in our next post after the final December numbers come in. However, the Houston Real estate market in 2018 was certainly a good one. Although there is a lot of external uncertainty in 2019, the Houston economy remains strong and we are optimistic about the coming months and year.
Norhill Realty provides expert real estate services to residential buyers and sellers in Houston and surrounding communities.
Contact us today for more information on Houston real estate and for professional assistance navigating this sometimes complex home market.
Norhill Realty and the MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Twelve-month totals may vary from actual end-of-year figures, due to individual changes to MLS records. This data is for informational purposes only and should not be the sole piece of data used in the evaluation of a buy or sell decision. Consult with one of our Realtors to evaluate any particular property so you can determine how the market relates to that property.
;){kind=link}