Business

2018 Another Record Year For Houston Area Home Sales

But low inventories indicate the housing market may be tight in the year ahead.

Home for sale sign.
Houston area home sales increased by 3.8 percent in 2018.

Houston realtors sold 82,177 single-family homes last year. That’s about 3,000 more than in 2017 – the previous record year, according to the Houston Association of Realtors.

The record high number comes despite a slower than usual December, when home sales dropped by 4.6 percent compared to the year prior.

Chaille Ralph, who chairs HAR’s Multiple Listing Service, said the year exceeded expectations.

“Obviously, coming out of Harvey at the end of 2017, there was some uncertainty, but we did anticipate it to be a good year,” she said. “I don’t think we anticipated it to end as strongly as it did.”

Median home prices were also up – 3.3 percent over the previous year – to $237,500.

One concern for the year ahead is low inventory levels, which is pushing prices up and making it a seller’s market.

Ralph said some of it may be seasonal. “We typically see the spring time become more active with inventory on the market,” she said.

Nationwide, mortgage applications spiked last week, thanks in part to low rates.

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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 and the Houston Press Club. Florian is a native of Germany. His studies...

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