HOUSTON — (November 13, 2024)/HAR Report — Despite a recent uptick in mortgage rates, the Houston housing market maintained its momentum in October. Both home sales and inventory increased, signaling a healthy and active market as the final quarter of 2024 began.
Single-family home sales across the Greater Houston area climbed 12.8 percent year-over-year with 7,185 units sold compared to 6,372 last October, according to the Houston Association of Realtors’ (HAR) October 2024 Housing Market Update.
The average price of a home rose 5.2 percent to $423,166, while the median price increased 2.7 percent to $334,900.
The high end of the market experienced a surge in sales activity in October. The luxury segment ($1 million+) had the strongest performance with closings 33.8 percent higher than the same time last year. That is followed by the housing segment with homes priced between $500,000 and $999,999, which recorded a 25.9 percent surge in sales compared to last year. The segment with homes priced between $100,000 and $149,999 was the only one that saw a decline in sales, with closings down 7.3 percent compared to last year.