As expected Houston’s housing inventory continued to grow for the month of October. A 4-months supply versus 2.9 months a year earlier ensures that Buyers have numerous options when looking for a home. While this translates into longer days-on-market for Sellers — the average DOM was 53 in October versus 51 days in 2014 — it’s well worth the wait as homes are going for record highs when they do sell.
Despite steep sales declines Houston home prices achieved the highest levels ever for an October in Houston. The average home price rose 4.7 percent from last year to $304,691 while the median price jumped 3 percent year-over-year to $195,000, according to data obtained from Houston’s MLS.
OCTOBER 2015: HOUSTON REAL ESTATE MARKET AT A GLANCE
- Single-family home sales fell 10.2 percent compared to October 2014, marking the fifth and steepest decline of 2015
- Total property sales dropped 12.1 percent (7,026 units)
- Total dollar volume decreased 8.3 percent to $1.8 billion
- At $271,648, the single-family home average price reached a record high for an October
- At $205,000, the single-family home median price also achieved a record October high
- Single-family homes months of inventory climbed to a 3.5-months supply versus 2.8 months a year earlier