It’s typical to see a major slow-down in home sales when summer ends, but sales figures for September are in, and that was not the case for 2019! Low mortgage rates kept the market busy, for a total of 7,035 single-family home sales in the Houston area for the month. That’s a 9.5% increase over last year, if you’re keeping track. Year-to-date, sales are ahead of last year’s record-breaking stats by 3.8%, and we’re on track for another record year.
The $250,000 – $500,000 bracket saw the strongest performance in September, jumping 18.7% year-over-year. $500,000-$750,000 came in second place with gains of 12.6%, while the luxury market saw a small dip compared to last year.
Median and average prices both set record highs for a month of September. The median climbed 4.7% to $244,000, while the average hit $298,947, and increase of 1.5%. In case your high school statistics class feels like a long time ago, the median is the figure that half the numbers fell below and half were above.
Strong inventory was part of the reason for bustling sales in September. At 4.1 months, buyers had a little more to choose from than is typical for Houston. Peak supply was reached in June and July, at 4.3 months.
According to HAR Chair Shannon Cobb Evans, “I cannot recall a fall in Houston when home sales and rentals were quite this brisk. Historically low interest rates and a strong overall local economy have drawn more buyers than usual to the market and kept Realtors like myself extremely busy. We remain on track for another record year.”
That sounds like music to our ears! With an average interest rate of 3.64% on a 30 year fixed rate mortgage for September and good inventory, everything came together to make for a great month for Houston real estate. Freddie Mac economists predict the year’s average interest rate for 2019 will come to 4%, so if you’re planning to apply for a mortgage, there’s no time like the present.
If you’ve been thinking about making a move, give Circa Real Estate a call and we’ll be happy to answer all your questions, help you come up with the right listing price if you’re selling, and start finding your dream house today.