Thursday, October 10, 2019

Houston Real Estate in September: Sales up 9.5% YoY, Inventory Up 7%

by Calculated Risk on 10/10/2019 01:35:00 PM

Another hot regional market in September.

From the HAR: The Houston Housing Market Shows no Letup in September

Houston home sales registered the seventh positive month of 2019 in September as consumers continued to take advantage of low mortgage interest rates, keeping a market that normally slows down this time of year buzzing. According to the latest monthly report from the Houston Association of Realtors (HAR), sales of single-family homes across the Houston area totaled 7,035 in September. That is up 9.5 percent year-over-year and marks the second largest one-month sales volume of the year. On a year-to-date basis, home sales are running 3.8 percent ahead of 2018’s record volume.
Buyers have had a more plentiful supply of homes from which to choose in 2019 compared to last year. In September, housing inventory edged up to a 4.1-months supply versus 4.0 months in September 2018. So far this year, the peak of inventory was reached in June and July when it registered a 4.3-months supply.

“I cannot recall a fall in Houston when home sales and rentals were quite this brisk,” said HAR Chair Shannon Cobb Evans with Better Homes and Gardens Real Estate Gary Greene. “Historically low interest rates and a strong overall local economy have drawn more buyers than usual to the market and kept Realtors like myself extremely busy. We remain on track for another record year.”
emphasis added
Total active inventory was up 7.3% YoY to 44,172 properties from 41,174 properties in September 2018. Sales are on pace for a record year.