Houston Association of Realtors (HAR) Releases August Market Update
Northeast Houston was a bright spot in the Houston housing market in August, according to the Multiple Listing Service Market Update released by the Houston Association of Realtors (HAR).
Home buyers took advantage of a good selection of homes on the market to pump up single family home sales in August in both HAR Area 32 (Kingwood) and Area 40 (Montgomery County Southeast). The Kingwood area recorded 106 single family homes sold in August, up 12.7 percent versus last year. In Montgomery County Southeast, 37 homes were sold in August, a 23.3 percent gain.
Whereas, the Houston market overall saw its second straight monthly decrease in home sales. Single family home sales in the Houston market overall dipped 16.7 percent in August. Area 1 (Atascocita/Humble) followed the market trend with a 12.7 percent decrease in home sales for the month.
In Northeast Houston, more home sellers put their houses on the market this August than a year ago – no doubt anticipating that low interest rates would bring out the buyers. Kingwood had 26 percent more active listings of single family homes; Atascocita/Humble had 37 percent more; and the Montgomery County Southeast area saw a huge 43 percent increase in available properties in August. In comparison, the Houston market had 28 percent more active listings last month versus a year ago.
“These results show that buyers are taking advantage of low interest rates to snap up a terrific choice of homes in the desirable Northeast Houston market,” said Lisa Dempsey, senior team leader for Keller Williams Realty Northeast.
Apparently, buyers were also willing to pay more for homes in the Kingwood area, trading up to more expensive homes in the well-established community.
In August, the median price of a single family home in Kingwood jumped 16 percent to $204,700.
Meanwhile, the median home price in Atascocita/Humble was stable compared to last year at $150,000 and Montgomery County Southeast saw the median price dip 16 percent to $170,490.
Montgomery County Southeast, which includes the Oakhurst subdivision, continues to be a highly sought-after real estate market. The area leads the HAR “Hotness Ratio.” The ratio is determined by pending sales as a percent of active listings on the market. Out of the 77 HAR areas in Houston, Montgomery County Southeast is the second hottest housing market with Atascocita/Humble in 18th place and Kingwood coming in 21st.
This proves what homeowners in Northeast Houston have known for a long time: home buyers can get a great value for their money by purchasing a home in the communities on the northeast side of Houston.