HAR recently released their report for November and what a month it was! The Houston housing market saw numbers rise pretty much across the board in November as the month set multiple city records. This continues a strong end of the year surge that has 2016’s home sales comfortably ahead of an impressive 2015, which registered the city’s second most home sales of all time.
Single-family home sales this November rocketed past the 4,651 single-family homes that were sold in November 2015. 5,706 were sold last month, which comes out to a 22.7 percent year-over-year increase, the largest such jump since July 2013. Luxury homes (those priced at $500,000 or above) also saw sales rise. This is quite significant not just because it’s the first year-over-year increase for luxury home sales since August 2015, but also because the increase was a whopping 32.5 percent. In addition, year-over-year pending sales at month’s end were up a notable 15.5 percent.
Homes were selling in large quantities in November, and selling at what amounted to record prices. Median price for single-family homes climbed to $222,000 which was an increase of 8.3 percent over the median price in November of last year. It also was an all-time high for a November in Houston. The average price of $281,671 for November 2016 was a year-over-year increase of 7.2 percent and also a record for a Houston November.
Active listings were up a noteworthy 8.6 percent, rising from 33,298 in November 2015 to 36,151 this November. Months inventory saw a small year-over-year increase from 3.4 months-supply to 3.6 months-supply, but still remains well below the national average of 4.3 months-supply.
With massive year-over-year increases in sales numbers (especially for luxury homes) and median and average home prices soaring to record levels for a November, it’s hard to imagine the month going much better than it did. With such a great November, year-to-date home sales are now up 2.7 percent compared to through the same point in 2015. This means that barring a dreadful December of sales, 2016 should blow by 2015’s overall sales and could potentially challenge 2014 for the highest number of sales in Houston history.
Buying or selling a home or have questions about the market? Give me a call at 713.829.3052 or email me at cynthia@cynthiamullins.com.
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