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.

Falling oil prices in Houston were anticipated to noticeably impact the single-family housing market; however recent data suggests only the luxury sector 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.