Luxury home sales activity in Houston down for 5 straight months

More buyers seeking "mid-range" housing
  • Luxury homes in Houston are considered those starting at $500,000.
  • Foreign nationals are one buyer type driving Houston condo sales.
  • The metro's median home price remains at $200,000 or higher.

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Falling oil prices in Houston were anticipated to noticeably impact the single-family housing market; however, recent data suggests only luxury home sales activity has taken a hit. "Mid-range housing actually saw a healthy sales volume in January," said Mario Arriaga of First Group. According to the Houston Association of Realtors (HAR), the volume of single-family sales priced between $150,000 and $249,999 increased by nearly 9 percent in January on a year-over-year basis, while the number of homes that sold for $500,000 and above dropped by 9.3 percent. January represented the fifth straight month where the number of luxury transactions declined on a year-over-year basis. Last month actually performed better than December and November, when luxury sales activity declined by 17.2 percent and 22 percent, respectively. Houston condo sales spike The performance of the condo/townhouse sector during January also stood out among HAR's data. With 393 units sold last mon...