According to the most recent report from the Houston Association of Realtors, area zip codes saw a strong year-over-year spike in October home sales – the second consecutive month the area has seen such a rise.
From as little as a 5 percent increase to more than 70 percent growth, it was a strong month for the sales market, and the Houston market as a whole saw a 29.2 percent year-over-year October spike.
Many area markets are also ahead of their 2019 pace despite the COVID-19 pandemic. The area also saw a continued rise in home prices as both average and median sales figures spiked in many local markets.
In a zip code that includes Garden Oaks, Oak Forest and part of Independence Heights, there was monthly year-over-year increase in home sales for the third consecutive month. There were 76 homes sold here last month compared to 62 the previous October – a 22.6 percent increase. The area is also 10.6 percent ahead of its 2019 pace, with 639 sales so far this year compared to 577 through the same period last year.
The area’s pricing market was in line with many local markets, with the average buyer paying $570,091 (3.5 percent increase) for a home, and median price rising 2.4 percent to $476,250.
Moving a little further west to the area that includes Scarborough High School and the Mangum Manor neighborhood, this market saw one of the largest percentage jumps from October 2019 to October 2020. Agents sold 26 houses last month compared to 19 the previous year – a 36.8 percent spike, the second-biggest in the area. Year-to-date, however, there has been an 11 percent lag in sales – 210 so far this year, compared to 236 through the same period in 2019.
On a price front, this zip code was one of just two in the area to see a drop. Average price for a home was down 7.9 percent year-over-year, coming in at $313,310. Median home price dipped 4.4 percent to $286,250.
To the north, this zip code saw a very slight increase in sales, with 20 homes coming off the market compared to 19 the previous October. The area is also among the biggest risers so far this year, with its 177 sales through the end of October representing a 25.5 percent year-to-date increase over last year’s mark of 141.
Home prices here also saw by far the biggest year-over-year spike among local markets. The average price rose 23.1 percent to $261,405, while the median price spiked nearly 32 percent to $274,950.
Moving down to the Greater Heights, one would’ve seen another of the area’s biggest gainers in year-over-year October sales. The area saw 108 homes sold last month – a 35 percent increase over the 80 sold last October. Through the end of October, there have been 896 homes sold here – slightly ahead of last year’s pace, which had 874 through the same period.
The average buyer paid $583,663 for a house here last month, an 11.9 percent rise compared to the previous October. Median home price figures came in at $512,500, representing a 19.2 percent spike from 2019.
Just to the east, the zip code including Norhill Heights and the Woodland Heights wins the prize as this month’s biggest year-over-year riser. There were 70 homes that came off the market in this area last month – a 70.7 percent increase over last October. However, the area is one of only two local markets to be behind last year’s pace despite the October spike, with 464 sales thus far in 2020 compared to 508 through the same time last year.
That drop in sales was accompanied by rising year-over-year sales prices. Buyers saw the average price increase 9.8 percent to $569,642 and the median home price rise nearly 12 percent to $502,500.
On the southernmost portion of the area near Rice Military and Memorial Park, there were 55 homes sold last month – a 17 percent increase over its October 2019 figure. And while the area may not be setting any records, there has been a modest year-to-date increase in sales – 666 through the end of the month, compared to 661 during the same period in 2019.
With regard to the sales front, this area was the other to see prices drop year-over year. The average price of $558,235 was a 1.4 percent drop, while the $444,460 median price represented a 3.3 percent year-over-year decrease.