Fall brings cooler weather and usually, a cool down in real estate along with it. But this year, Houston appears to be bucking that trend so far. The latest report from the Houston Association of Realtors (HAR) shows sales of single-family homes in Houston rose 9.5 percent in September compared to a year ago, and home sales are up 3.8 percent for this year to date compared with last year.
There are several factors driving the continued strong local housing market, starting with low mortgage interest rates. "Our inventory has grown this year, where it hasn't in the past couple of years," says Chaille Ralph, chair of HAR's Multiple Listing Service. "So we've seen more inventory on the market, and we do have a pent-up supply of buyers."
The healthy inventory means great selection for buyers on the market right now. "With increased inventory and properties that are available for sale in the right condition at the right location, we're seeing properties move quickly," says Ralph.
But there is good news for sellers, as well. The median home price in Houston rose 4.7 percent to $244,000 in September, while the average price rose to just under $299,000, both record highs for September. "I think our average and our median price points continue to make Houston and the greater Houston area a very affordable area to live," says Ralph.
As for what lies ahead, Ralph tells KTRH all signs point to continued strength in the Houston market. "As long as we have strong inventory and low interest rates, I think we're going to continue to see our market grow," she says.