Single-Family Homes Update(HAR Report):
Single-family home sales rose 3.9 percent in November with 8,320 units sold across the greater Houston area compared to 8,010 a year earlier. Strong sales volume among homes at the high end of the market drove up pricing. The median price climbed 16.3 percent to tie its record high of $314,000 originally reached in June 2021. The average price rose 12.6 percent to $383,807, the third highest price of all time.
Days on Market, or the actual time it took to sell a home, fell from 46 to 35 days. Inventory registered a 1.6-months supply compared to 2.1 months a year earlier. This came after holding at a 1.8-months supply from August through October 2021. The current national inventory figure stands at 2.4 months, as reported by NAR.
Broken out by housing segment, November sales performed as follows:
$1 - $99,999: decreased 23.9 percent
$100,000 - $149,999: decreased 27.1 percent
$150,000 - $249,999: decreased 33.5 percent
$250,000 - $499,999: increased 26.2 percent
$500,000 - $999,999: increased 49.1 percent
$1M and above: increased 23.4 percent
HAR also breaks out sales figures for existing single-family homes. Existing home sales totaled 6,873 in November. That was up 9.5 percent from the same month last year. The average sales price rose 12.9 percent to $382,199 while the median sales price climbed 15.7 percent to $305,000.