Business

Home Sales Fall For Second Month Straight, Pulling Down Prices

November marked the first drop in the average price of a single-family home in Houston in nearly four years.

Home sales are down for the second month in a row across Greater Houston. The region saw 4,595 single-family home sales in November, according to the Houston Association of Realtors. That’s down 10.5 percent compared to a year ago.

Sales fell across all price ranges, with the exception of homes priced between $150,000 and $250,000.

“The higher ranges are being impacted a bit by the economy, by the oil and gas uncertainty,” says Christi Borden, a Realtor with Better Homes and Gardens Real Estate Gary Greene. “And then the lower ranges, frankly, I think that’s just a lack of availability. They’re just running out of homes in those lower price ranges, so of course those statistics are lower.”

Borden says the holiday season is typically the slowest time of the year for the Houston real estate market, and that may have contributed to weaker sales.

The average price of a single-family home came to $262,064 in November, down 3.5 percent year-over-year. Last month marked the first such price decline for the Houston area since February 2012.

The region’s housing inventory tightened to a 3.4 months’ supply. 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.

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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 Legislature and county and city governments across Greater Houston. Before taking up his current post, Andrew spent five years as Houston Public Media’s business reporter, covering the oil...

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