Home sales in the Houston metropolitan area grew 0.9 percent in October from a year ago, posting a record-high for the month, according to statistics released by the Houston Association of Realtors.
Total property sales for October reached 5,624, compared to 5,574 sales in October 2003.
Additionally, year-to-date existing-home sales continue to rise ahead of last year’s record-setting pace, with 60,334 listings sold so far this year, a gain of more than 9 percent from the same period last year.
“The continuation of highly favorable interest rates coupled with a net gain of 24,600 new jobs in the past 12-months in Houston resulted in an all-time record for housing sales for October,” said HAR Chairman and Stewart Title Chief Economist Ted C. Jones, Ph.D. “Last week, 30-year residential mortgage rates were more than a quarter of percent less that the same week in 2003, portending continued strength in the housing sector. Depending on the price range and area, however, there are some market segments offering the best selection to prospective buyers in more than three years.”
The median price of single-family homes reached $133,800 in October, a 3 percent increase from the same month last year. This month marks the highest median price ever recorded in the month of October in Houston. The median is a typical market price where half of the homes sold for more and half sold for less that that figure.
The Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 19,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties.
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