Despite the COVID-19 pandemic continuing to impact the area, Houston home sales showed significant year-over-year growth last month.
In local neighborhoods, year-over-year September gains in sales volume ranged from 20 percent in the 77009 zip code (Woodland Heights/Northside) to more than 150 percent in the 77092 zip code (Mangum Manor/Oak Forest), according to the most recent report from the Houston Association of Realtors (HAR).
On a year-to-date basis, area neighborhoods showed a mixed bag of results according the HAR report, while prices largely rose or held steady from September 2019 to 2020.
In the zip code encompassing much of Garden Oaks and Oak Forest, and part of Independence Heights, home sales jumped nearly 51 percent from September 2019 to 2020. HAR said 83 homes came off the market here compared to 55 the previous September. The area is also ahead of its sales volume from 2019, with its 563 homes sold through the end of the month nearly 10 percent ahead of last year’s pace.
Accompanying the uptick in sales was a slight drop in home prices, with the average home going for $493,136 – a 1.3 percent dip. Median home price was down nearly 4 percent to $395,000.
The area including Greater Inwood and part of Acres Homes saw one of the biggest sales volume jumps year-over-year in September. According to HAR, agents closed on 16 homes this past September – a 60 percent spike from last year. Year-to-date the area is far ahead of its 2019 pace, with 156 homes sold so far in 2020 – 30 percent better than through the same point last year.
Sales price jumped along with the volume in these neighborhoods, with the price of an average home rising 9.5 percent to $256,587. The median price for homes here came in at $270,000 last month – nearly a 23 percent increase.
A zip code encompassing Mangum Manor and the western portion of Oak Forest were the biggest winners by increased sales volume year-over-year. The area saw 33 homes come off the market last month, compared to just 13 the previous September – a jump of nearly 154 percent. Despite the gains last month, however, the area has sold just 183 homes so far this year – a nearly 16 percent dip from last year’s pace.
The average buyer purchased a home in this zip code for $303,485 last month – an 8.9 percent drop. Meanwhile, the area’s median home price dipped slightly from $267,000 to $265,000.
Down in the Heights, it was a good month for agents. HAR said 110 homes sold in the area last month, a 35.8 percent increase from the 81 sold last September. The area is on pace to nearly match its 2019 output, with the 787 homes sold in 2020 representing an incremental dip from 789 through the same point last year.
Homes cost buyers about $581,262 on average in the area in September, or about 12.4 percent higher than September 2019. Median price ended the month at $479,500, or about a 6.3 percent rise.
On the eastern edge of the Heights, a market that includes Woodland Heights and Norhill Heights saw a 20 percent jump in year-over-year September home sales, with 48 homes sold compared to 40 the year before. Year-to-date, however, the market is one of two area zip codes lagging behind its 2019 pace. Only 394 homes had been sold through the end of the month, compared to 462 during the same period last year.
On the pricing front, the average cost of a home rose 12.7 percent up to $510,998 last month. Median prices also jumped, seeing an 11.2 percent rise to $442,500 at the end of September.
The southernmost portion of the Heights and Rice Military neighborhoods also saw significant year-over-year sales jumps last month. HAR said 71 homes got sold here last month, a 54.3 percent increase from last September’s marks. Through the end of September, there was 611 sales compared to 608 during the same period last year.
The average buyer paid $576,635 for a home here last month, a 12.1 percent spike. Meanwhile, median home price leapt up 6.2 percent to $479,900.