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HOUSTON — (December 12, 2018) — In a display of textbook seasonality, with the holidays sending consumers into their annual retail frenzy, Houston home sales slowed slightly in November. However, it was not enough to knock the real estate market off its record-setting pace.
According to the latest monthly report from the Houston Association of Realtors® (HAR), 6,159 single-family homes sold in November compared to 6,285 a year earlier, representing a 2.0-percent decline. On a year-to-date basis, home sales are 4.6 percent ahead of 2017’s record volume. Inventory edged up from a 3.6-months supply to 3.9 months.
The median price of a single-family home (the figure at which half of the homes sold for more and half for less) 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 was the luxury market, consisting of homes priced at $750,000 and above, which climbed 12.3 percent.
Sales of all property types totaled 7,400 – statistically flat versus last year. November’s total dollar volume increased 3.9 percent to $2.1 billion.
“The Houston housing market remains on track for another record year, which was an almost unimaginable concept when the year began, on the heels of so much devastation from Hurricane Harvey,” said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase. “As 2018 draws to a close, we see slow but steady growth in the supply of housing as well as a strong job market, which together make for a healthy real estate climate.”
Lease Property Update
Consumers kept Houston’s lease market humming in November. Single-family home rentals soared 15.3 percent while leases of townhomes and condominiums rose 0.6 percent. The average rent for single-family homes declined 1.3 percent to $1,743 while the average rent for townhomes and condominiums edged up 0.5 percent to $1,505.
November Monthly Market Comparison
The Houston real estate market had a largely positive performance in November and remains on track to set new sales records when the books are closed on 2018. As consumers turned their attention to holiday shopping, single-family home sales fell slightly and total property sales were statistically flat compared to November 2017; total dollar volume and pricing were up. Month-end pending sales for single-family homes totaled 6,052, which represents a 5.8 percent increase over last year. Total active listings, or the total number of available properties, climbed 8.9 percent to 40,530. Single-family homes inventory saw some growth in November, reaching a 3.9-months supply versus a 3.6-months supply a year earlier. For perspective, housing inventory nationally stands at a 4.3-months supply, according to the latest report from the National Association of Realtors® (NAR).
Single-Family Homes Update
Sales of single-family homes declined 2.0 percent in November, as 6,159 units sold across the greater Houston area compared to 6,285 a year earlier. However, on a year-to-date basis, sales volume is running 4.6 percent ahead of 2017’s record pace and is expected to remain in record territory as we close out 2018. Prices reached the highest levels ever for a November. The median price increased 4.4 percent to $235,000 while the average price rose 4.3 percent to $295,084. 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.
Broken out by housing segment, November sales performed as follows:
- $1 – $99,999: decreased 25.3 percent
- $100,000 – $149,999: decreased 24.3 percent
- $150,000 – $249,999: increased 2.3 percent
- $250,000 – $499,999: increased 7.2 percent
- $500,000 – $749,999: increased 1.9 percent
- $750,000 and above: increased 12.3 percent
HAR also breaks out sales data for existing single-family homes. Existing home sales totaled 4,945 in November, a decline of 3.2 percent versus the same month last year. The average sales price rose 5.7 percent to $283,523 while the median sales price increased 3.1 percent to $218,000.
November saw a drop of 2.8 percent in townhome and condominium sales, with 488 units sold versus 502 a year earlier. The average price rose 9.0 percent to $213,043 and the median price increased 4.5 percent to $165,000. Inventory grew from a 3.7-months supply to 4.1 months.
Houston Real Estate Highlights in November
- Single-family home sales fell 2.0 percent year-over-year, with 6,159 units sold;
- On a year-to-date basis, home sales are up 4.6 percent and on track for breaking 2017’s record performance when December data are compiled;
- Days on Market (DOM) for single-family homes was 60 versus 62 a year earlier;
- Total property sales were statistically flat, with 7,400 units sold;
- Total dollar volume rose 3.9 percent to $2.1 billion;
- The single-family home median price climbed 4.4 percent to $235,000, a November high;
- The single-family home average price also achieved a November record, rising 4.3 percent to $295,084;
- Single-family homes months of inventory reached a 3.9-months supply, up from 3.6 months last November, but below the national supply of 4.3 months reported by NAR;
- Townhome/condominium sales dropped 2.8 percent, with the average price up 9.0 percent to $213,043 and the median price up 4.5 percent to $165,000;
- Leases of single-family homes jumped 15.3 percent with the average rent down 1.3 percent to $1,743;
- Volume of townhome/condominium leases rose 0.6 percent with the average rent up 0.5 percent to $1,505.
This article is courtesy of Har.com
If you’re or someone you know is looking to sell, buy, invest or lease in real estate, contact me now!
From the KWBlog!
Our friends at Home Warranty of America have outlined 13 simple-yet-essential tasks for new homeowners to complete before their big move:
- Make copies of important real estate documents and store them in a safe place. Buying a home means lots of paperwork, and some of those documents – like the property deed, home inspection report, and disclosures – are vitally important.
- Change your address and set up your Updating your address online with the United States Postal Service only takes a minute. And, if you’re moving to a state with deregulated markets for electricity or natural gas, you may get to choose the companies from which you purchase your energy.
- Locate shut-off valves and circuit breakers. In the event of a plumbing or natural gas leak, you’ll want the ability to shut your main valves without a moment’s delay. And you can’t perform electrical maintenance or reset a tripped circuit breaker if you don’t know where the breaker box is.
- Re-key locks and update keypads. It’s a small job that delivers big on peace of mind.
- Test smoke and carbon monoxide detectors. Replace those old batteries and check the expiration date on every detector. If one expires, replace it promptly to keep your home safe.
- Check the water heater. You should have a good idea of the water heater’s condition from the home inspection, but it’s still smart to look around for leaks, check the pressure relief valve, and flush the tank when you first move in.
- Check the HVAC systems and filters. A dirty and inefficient HVAC system can affect your indoor air quality and drive up your utility bills. Schedule any overdue maintenance, and stock up on replacement filters in your system’s size.
- Do a deep cleaning. The best time to deep-clean your new home is before you move in, so take a day and make sure you get in all those nooks and crannies, like behind the laundry machines and under the refrigerator.
- Consider an energy audit. A thorough audit can identify opportunities for HVAC savings by adding insulation, replacing weather stripping, and sealing cracks. (Keep in mind, this work might be easier prior to move-in.)
- Use your home inspection report to plan future upgrades. Even if the report shows your home is in excellent condition, some maintenance – like replacing the roof or the HVAC system – is inevitable. Planning for replacement now will pay off in the future.
- Create a seasonal home maintenance checklist. Upgrading to a new home can mean unfamiliar chores, like winterizing a swimming pool or opening a sprinkler system for spring. Get to know your home’s unique needs and create a schedule to help you ease into the new routine.
- Meet the neighbors. You don’t just have a new home – you have a new community. It’s common for neighbors to be curious when a moving truck pulls up on the block, so if you see them looking your way, wave hello and take a moment to introduce yourself.
- Familiarize yourself with your home warranty. Household breakdowns will happen sooner or later, so make sure you’re ready to take advantage of your home warranty by reviewing what’s covered and how to file a claim. There may also be benefits in your home warranty that you aren’t taking advantage of. For example, an HWA home warranty covers lock changes of up to six doors. Related Read: Think Twice Before Option Out of a Home Warranty
Get the Most Out of Home Ownership
Visit the HWA Learning Center to read up on home maintenance tips and home warranty information. Your home is one of the largest investments you’ll ever make; it is important to keep it in excellent condition.
Keller Williams Approved Vendor Program members are business entities independent from Keller Williams Realty, Inc. Neither Keller Williams Realty, Inc. nor its affiliated companies warrant HWA, their products, or their services.
Contact me with any questions or comments you have!
Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
Please click on this link to view the Housing Trends November 2018 Newsletter http://realtorck4u.housingtrendsenewsletter.com
Be sure and check out what happened in Houston compared to the rest of the nation!
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.
Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports.
If you are interested in determining the value of your home, send me a text at 832.755.2954 or via email at firstname.lastname@example.org
Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.
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