September Sales of Single-Family Homes Continue to Sizzle

Sales of single-family homes continued it’s surge into September, increasing the number of homes sold by 29.1 % over September of 2019.  According to the latest update from the Houston Association of Realtors, 9,101 homes sold this September vs. 7,050 sales from a year ago.

Interest rates are at historic lows and seems to be the key reason along with pent up demand for the increased sales.

Some of the more expensive homes have really done well over the past few months including September.   Homes priced $750,000 and above have really Been moving well. September sales were up 80% over same time last year and August sales in that price range were up 40% over 2019.  The average sales price came in at $329,801, an increase of 10.1% over Sept 2019, obviously helped by the sale of higher priced homes.

When looking at the sale of new and existing homes, it appears that the west and northwest areas of town were the hottest, while the northeast side did fairly well when looking at just sales of new builder homes.

Sales of all property types totaled 11,137 which was an increase of 31.9% over last year.

It’s not certain if this fast pace in sales will continue.  With inventories declining, it may effect the choices that buyers have.  That can cause sales to stagnate.  A few other things can also effect the market.  The higher unemployment rate may at some point reduce the number of buyers looking and/or add more homes to the inventories, if some folks are forced to sell.

The October stats from HAR should be out in a week.