HOUSTON — (December 11, 2024)/HAR Report — While the temperatures cooled in November, the Houston housing market remained temperate, with homebuyers seemingly undeterred by rising mortgage rates. Home sales surpassed 2023 levels for the third consecutive month, while inventory continued to expand.
According to the Houston Association of Realtors’ (HAR) November 2024 Housing Market Update, single-family home sales across the Greater Houston area increased 6.0 percent, with 6,559 units sold compared to 6,187 in November 2023. The increase in home sales is likely due to lower mortgage rates in September and early October, which attracted more buyers to the market.
Only homes priced between $100,000 and $149,999 saw declines during the month, however that segment comprises just 2.1 percent of the overall market. The high end of the market saw the strongest performance in November. Sales in the luxury segment ($1 million+) were 21.4 percent higher than the same time last year. That is followed by the housing segment with homes priced below $99,999, which made up 1.3 percent of all home sales in November. It recorded a 21.3 percent rise in sales compared to last year.