Houston real estate sales jumped for the 14th straight month in November, helping to set monthly records in the single-family sector, the Houston Association of Realtors reported.
Realtors last month recorded some 6,373 total property sales — which includes single-family homes, townhomes, multifamily homes, country homes, high-rise properties and lots listed on the MLS — a 9.8 percent increase over November 2005.
Single-family sales have been rising from their year-earlier levels now for 34 months, and the 5,299 sales of new and existing single-family units last month is the best ever reported for any November, with closings up 12.2 percent from 4,723 sales a year earlier.
The median single-family price reached a monthly record in November of $147,000, up 1.4 percent from a year ago. The median is a typical market price where half of the homes sold for more and half sold for less than that figure.
Separately, sales of existing single-family homes (excluding new homes) totaled 4,352, which was a 22.8 percent increase from November 2005. The median sales price for existing homes in the Houston area was $138,000, an increase of 2.6 percent compared to the same period last year.
“We certainly have much to be thankful for in greater Houston area market. As our sales climb, prices are also going up, so that neither sellers nor buyers are placed at a disadvantage,” said Lorraine Abercrombie, HAR chair and marketing director for Greenwood King Properties. “2007 is poised to continue the steady growth that we have seen for at least the last few years, and we all look forward to helping more people realize the American dream of home ownership.”
The number of available homes (active listings) at the end of November was 46,071 properties, which was an increase of 9.1 percent versus last November and the fifth month with a year-over-year increase, after 10 consecutive previous declines. The figure was a decrease of 602 properties from last month, however, and shows new listings are staying in equilibrium with increased sales activity, HAR reported.
The months’ inventory of single-family homes, which estimates the number of months it will take to deplete current active inventory based on the prior 12 months’ sales activity, dropped to 5.3 months in November. This statistic signals more of a seller’s market and also shows that demand is more than keeping up with the available supply of homes.
Additionally, the number of townhouses and condos that sold in November increased compared to last year’s sales, with 535 units being sold last month, versus 527 properties in November 2005, or a 1.5 percent increase in year-over-year sales. The overall median price in the townhouse/condo segment was up a marginal 0.6 percent year-over-year in November to $120,700.
The Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 25,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties.