Houston Area Realtors Welcome Steady Home Sales In October

Houston Association of Realtors report shows sales are flat, prices up from one year ago.

Photo of single-family home
Houston area Realtors sold about as many houses in October 2016 as they did 12 months ago.

Real estate agents sold 5,916 single-family homes last month, according to the Houston Association of Realtors.

That's statistically flat from the same month a year ago, when 5,893 homes were sold.

"Considering what's going on in oil and gas in our industry, it's pretty good, because oil and gas was a little bit better last year than at this particular time," Shad Bogany, past chair of the Texas Association of Realtors, said. "I also think because of the election we just had, people were maybe sitting tight."

At the same time, prices for single-family homes keep rising. The median price went up by 6.3 percent from a year ago to $218,000, marking the highest median price ever for an October.

"That's a very positive sign," Bogany said. "Normally, when the market is really slow, prices go down."

The Houston area remains a seller's market, although single-family home inventory also went up slightly, to 3.8 months of supply. That's how long it would take for all homes on the market to sell.

Six months is considered a balanced market.

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Florian Martin

Florian Martin

Business Reporter

Florian Martin is currently the News 88.7 business reporter. Florian’s stories can frequently be heard on other public radio stations throughout Texas and on NPR nationwide. Some of them have earned him awards from Texas AP Broadcasters, the Houston Press Club, National Association of Real Estate Editors, and Public Radio...

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