(HAR Report): Prices appreciated once again. The single-family home average price climbed 13.1 percent to $377,631 while the median price rose 14.7 percent to $305,000. Both are record prices for an October but are well below the all-time pricing highs set in June 2021.
Sales of all property types were down 3.1 percent year-over-year, totaling 10,756. Despite that decline, total dollar volume for October increased 9.9 percent to $3.8 billion.
“Housing markets move in cycles, especially after churning at record levels for months on end, and we cannot rule out the possibility that some homebuyers are holding off until there is more inventory from which to choose,” said HAR Chairman Richard Miranda with Keller Williams Platinum. “Existing home sales were actually flat in October while new construction declined, and that is most likely the result of the supply chain interruptions and labor shortages that have affected homebuilding across the country. Nevertheless, 2021 is still on track to be a record year for Houston home sales.”