Business

Houston Home Sales Tumble 10.2 Percent In October

Autumn’s traditionally a weak period for the real estate market, but oil industry layoffs are compounding the pain.

Greater Houston’s real estate market stumbled in October, according to the Houston Association of Realtors. Single-family home sales across Houston totaled 5,873 units last month, down 10.2 percent compared to a year earlier. October marked the fifth month this year in which sales have fallen.

“This has been predicted for quite some time that we might have a drop due to the oil industry layoffs,” says Tim Surratt, a real estate agent with Greenwood King Properties, “but there’s also some seasonally adjusted numbers mixed in with this too, we think.”

Autumn is traditionally a slower season for home sales.

The region’s housing inventory held at a 3.5 months’ supply, where it’s stood since July. Inventory is a rough measure how long it would take to sell out the entire listed supply of housing. By contrast, the national inventory was 4.8 months.

The tight supply helped push up home prices, even with the weaker demand. The average price of a single-family home came to $271,648 last month. That’s up 3.7 percent from a year ago and a new October record.

 

Single-family home sales graph
Single-family home sales totaled 5,873 in October, down 10.2 percent from October 2014.

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Andrew Schneider

Politics and Government Reporter

Andrew heads Houston Public Media’s coverage of national, state, and local elections. He also reports on major policy issues before the Texas delegations in the U.S. House and Senate, as well as the Texas governorship, the state legislature, and county and city governments. Before taking up his current post, Andrew...

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