As the calendar turned to August and school began, home sales in the area largely mirrored the Greater Houston trend, with nearly all local markets displaying both year-over-year and cumulative year-to-date numbers according to the latest monthly report from the Houston Association of Realtors.
“The Houston real estate market typically slows a bit once school starts and we get into fall, but with interest rates as low as they’ve been and a steadily growing supply of homes, it’s possible that sales don’t let up until closer to the holidays,” said HAR chair Shannon Cobb Evans.
Pricing trends saw mixed results among most markets last month, according to the report.
Home buyers were fairly aggressive in the zip code encompassing Garden Oaks, Oak Forest, Shepherd Park Plaza and part of Independence Heights.
They took 74 homes off the market in August, a spike of more than 7 percent from the previous year. Despite the year-over-year rise, however, sales have dipped nearly 2 percent year-to-date, with 452 homes sold compared to 460 through the same period last year. It was one of only two markets to experience any year-to-date decline.
On a pricing front, year-over-year average prices rose 3.1 percent to $490,823 while median prices fell 1.3 percent down to $419,450.
Moving to the western portion of Garden Oaks/Oak Forest and extending just past Highway 290, this zip code was one of just two area markets to see a sales decline.
Buyers purchased 30 homes here last month, a 6.3 percent drop from August 2018. Despite the brief downturn, however, the area is nearly 30 percent ahead of last year’s pace, having seen 204 sales compared to 147 during the same period in 2018.
Homebuyers paid an average of $273,900 for a house last month – a 13.1 percent year-over-year spike – while the median figure rose 8 percent up to $273,500.
Down in the Greater Heights, year-over-year sales took a significant dip according to the HAR report. Only 95 homes came off the market last August, an 8.7 percent drop from the 104 sold in August 2018.
To date, the market is lagging slightly behind last year’s pace, with 704 sold thus far compared to 709 through the same period last year.
Median home prices dropped percent down to $455,000 while average prices jumped nearly 3 percent up to $546,486.
An area that includes Sunset Heights, Woodland Heights and Northside saw the largest spike in home sales last month. Agents closed on 56 homes in this market last month, up 19.1 percent from the 47 sold the previous August.
The neighborhoods’ year-to-date figures are on the upswing as well, with the 418 homes sold thus far in 2019 representing a 9.4 percent spike compared to the same period in 2018.
The average home here cost $471,680 (a 4.6 percent jump), while the median figure came up 2.2 percent to $434,500
In Greater Inwood, August was a fairly productive month across the board.
There were 14 homes sold last month compared to 13 the previous August, but the year-to-date sales are blowing away last year’s figures. To date, there have been 109 home sales in the area through the end of August – a staggering 51.4 percent spike that was easily the largest local increase.
Pricing trends saw a similar trend, with average price rising 38.9 percent to $254,220 and median prices spiking 17.5 percent to $209,000.
In the southernmost area market, the both sales and pricing trends mirrored the rest of the area.
Year-over-year sales here jumped 15.4 percent, with 75 homes coming off the market compared to 65 the previous August. Meanwhile, year-to-date sales have seen a nearly identical 15.7 percent increase compared to its 2018 pace, with 560 sales closing through the end of August.
Average home price here dropped a little more than 1 percent down to $491,981, while median price rose 3.4 percent to $450,000.