Industry News

Houston real estate prices hit high in October

Low inventory signals possible shift to seller's market

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The Houston real estate market continued to exert strength in October, as single-family home prices topped records and sales posted double-digit growth, according to the Houston Association of Realtors. The overall median price of single-family homes reached $142,000 in October, which was an increase of 7.2 percent compared to the prior year, and a record for the month. The median is a typical market price where half of the homes sold for more and half sold for less than that figure. For existing homes, the median sales price in the Houston area was $135,500, an increase of 6.7 percent compared to the same period last year. Total property sales, which includes single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS, totaled 6,423 in October, up 13.1 percent from a year ago. Additionally, year-to-date total property sales reached 66,040, which is an increase of 9 percent over the same period of 2004. For the month of October, ...