Real estate
BY CARSON WEAVER
Houston home sales increase in 2024 for 1st time in 2 years months earlier in May. The average price of a single-family home increased 2.5% from 2023. Also of note
Single-family home sales in the Greater Hous- ton area rose 1.3% from 2023 to 2024 after two consecutive years of declining sales, according to the Houston Association of Realtors December and Full Year Housing Market Update. In total, 85,163 single-family homes were sold in Houston in 2024, compared to 84,038 in 2023, according to the report. May saw the highest buyer activity within a single month, with 8,482 single-family homes sold, according to the report. The details According to the report, when the Federal Reserve cut interest rates in September, it provided confi- dence to buyers. From September to December, single-family home sales topped 2023 sales figures. Home prices also reached record highs in 2024, the report stated. The average price for a single-family home in Houston hit a record of $442,362, beating the previous record set two
Single-family home sales in the Greater Houston area 2023 2024 Single-family home sales
Data from the report shows total property sales year over year in December rose 13.6%. Single-fam- ily home sales also increased year over year in December, climbing 16.3%. Homes priced $1 million and above saw a strong spike in sales activity in December, with sales increasing 64.6% compared to last December, according to the report. What they’re saying “[The year] 2024 brought a welcomed balance to the Houston housing market,” HAR Chair Shae Cottar said. “While higher mortgage rates pre- sented financial challenges for some consumers, the Houston market weathered these rate fluctu- ations better than many other regions across the country.”
84,038 85,163
+1.3%
Total property sales
101,864 102,569
-0.7%
Single-family average sales price
$422,590 $412,161
+2.5%
Single-family median sales price
$335,000 $330,000
+1.5%
SOURCE: HOUSTON ASSOCIATION OF REALTORS/COMMUNITY IMPACT
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