What goes up, must come down, at least according to the most recent report from the Houston Association of Realtors (HAR), which shows, overall, single-family home sales are still on rise across the area.
The report also shows sales of luxury homes on the decline for the third straight month, but it’s not bad news for everyone:
Sales figures for single-family homes last month showed an increase of 8.9 percent over the same time in 2017; total property sales also saw an increase of nearly the same amount when compared to the previous January, according to the report.
The text further showed almost every sector of the market saw a year-over-year increase, with some price ranging seeing double-digit jumps; sales of homes valued at less than $100,000 increased 3.7 percent year-over-year.
Researchers found the biggest jumps in the mid-range market; sales of homes valued from $100,000 to $150,000 increased by 14.1 percent, while those valued between $150,000 and $249,999 jumped 15 percent and those valued from $250,000 to $499,999 increased an astounding 22 percent.
Increases in the lower and middle sectors of the housing market fed a year-over-year increase in total dollar sales, from $1.31 billion to $1.4 billion, an increase of 6.3 percent.
While the single-family average sale price dropped by 2 percent, the single-family median (middle amount) jumped by nearly 4 percent.
Analysts concluded a major factor in why the average price fell to be related to the dip in the high-end market; sales of homes valued from $500,000 to $749,999 fell by 10 percent, while those valued above $750,000 dropped by 6.3 percent.
Despite the dip in the luxury end of the pool, HAR Chair Kenya Burrell-VanWormer expressed optimism at the “positive momentum” the greater market is showing in the first few weeks of 2018:
“We hope to sustain that positive momentum with 28,000 new homes slated for construction this year, according to Metrostudy, as well as healthy gains in employment,” she provided in a press release announcing the sales figures.
Home – sweet home.