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-family 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 “2024 brought a welcomed balance to the Hous- ton housing market,” HAR Chair Shae Cottar said. “While higher mortgage rates presented financial challenges for some consumers, the Houston market weathered these rate fluctuations 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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