October 2014 Houston Housing Market Update

Keller Williams Realty Northeast Houston strives to bring you the most current Houston housing market information so you can make the best decision on the buying and / or selling of your home.

October Houston Housing Market – Update

October typically sees slow downs in the Houston housing market. Not so, this year! This was especially true for homes priced $250K and above. Average home sales prices jumped to 9.8% year over year, reaching just over $262K. Inventory hit record lows at 2.8 months supply. For perspective, last October’s inventory was at 3.1 months.

What does all this mean for buyers? Be prepared. Be pre-qualified. Know what you want and when you find the right house for you, don’t sleep on it. In a market as hot as what we are experiencing right now, buyers must be prepared to move quickly. Sellers? As of October, the average Days on Market was right at 51 days, up slightly from the record low of 45 days set in July 2014. With supply low and demand high (due to Houston’s job growth of 4.3% over the past 12 months), homes are quickly moving from listing to closing in close-to-record times.

Keller Williams Realty Northeast has relationships with reputable, professional mortgage companies who are ready and waiting to help buyers get pre-qualified for a loan. Don’t have a Realtor yet? We have over 160 agents in our office who are experts in Northeast Houston’s real estate market.

Give us a call – your perfect home is waiting for you!

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