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Houston Housing Market Brings Good Tidings

Tis the season for a good return on investment when it comes to the Houston housing market. According to a recent report by the Houston Association of Realtors, all segments of the housing market registered gains with few exceptions. The single-family home average price increased 0.9 percent to $284,250, the highest level for a November. You can read the report below.

Home buyers and renters propelled Houston’s post-Hurricane Harvey real estate market into positive territory for a third straight month in November, even as the supply of homes remained constrained.

Single-family home sales rose 7.4 percent year-over-year, according to the latest monthly report from the Houston Association of Realtors (HAR). All segments of the housing market registered gains except for homes priced between $100,000 and $150,000 and those priced at $750,000 and above.

On a year-to-date basis, home sales are 3.3 percent ahead of 2016’s volume, even as some storm-damaged properties continue to undergo reconstruction and renovation for their eventual return to the market.

Housing inventory edged up from a 3.6-months supply in November 2016 to 3.7 months this November. As HAR has noted in previous reports, that is down from the 4.3-months peak reached in the weeks immediately preceding Harvey.

The single-family home median price (the figure at which half of the homes sold for more and half sold for less) rose 0.3 percent to $225,725. The average price increased 0.9 percent to $284,250. Both figures represent record highs for a November.

"November was definitely a month for giving thanks as the Houston real estate market continued its post-Harvey comeback, however the challenge remains meeting consumer demand with inventory levels that are very low,” said HAR Chair Cindy Hamann with Berkshire Hathaway HomeServices Anderson Properties.

November sales of all property types in Houston totaled 7,270, an increase of 4.9 percent versus the same month last year. Total dollar volume climbed 8.4 percent to $2.0 billion.

Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 36,000 REALTORS®

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