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Houston home sales fall flat in October

As sales activity dips, average and median prices hit new highs
  • Sales activity in the $150,000 to $249,000 and $250,000 to $499,999 price ranges changed the least during October.
  • Pending sales at the end of October were also down, signaling a likely decline in activity during November.
  • The metro's median home price of $205,000 remains affordable when compared to other major metros.

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The oil industry's downturn coupled with traditional seasonality pushed Houston's home sales activity down by double digits in October. Single-family homes sales in the metro dropped by 10.2 percent on a year-over-year basis, with a total of 5,873 sales occurring last month, according to a report from the Houston Association of Realtors (HAR). In comparison, 6,541 single-family homes sold during October 2014. Last month's decline in activity marks the fifth time this year monthly home sales declined on a year-over-year basis. Additionally, month-end pending sales totaled 6,374, a 2.7 percent drop from a year earlier. This total suggests that slower sales may extend into November. "At the beginning of the year, we discussed how Houston home sales would normalize by the end of 2015, and after an impressive run that rivaled last year's record levels, it looks like the forecast is coming true in the fourth quarter," said Nancy Furst, HAR's chair. Activity in the $500,0...