Houston sees surge in home sales, including luxury Nov. 2016! (Sugar Land: real estate market, 2015)

[Jack Lance]

Houston’s housing market saw significant increases across the board last month, performing much better than it did in November 2015.
Single-family home sales jumped 22.7 percent to 5,706, the biggest year-over-year increase for a single month since July 2013, according to the Houston Association of Realtors.

Sales of luxury homes — those priced at $500,000 and above — skyrocketed 32.5 percent last month, the segment’s first increase since August 2015. Sales of homes priced between $250,000 and $499,999 surged 47.4 percent, and those priced between $150,000 and $249,999 were up 29.1 percent.

The median and average sales price of single-family homes both reached record highs for a November in Houston. The median price increased 8.3 percent to $222,000, and the average price was up 7.2 percent to $281,671

http://www.bizjournals.com/houston/n...ng-luxury.html

Not too shabby !

[elnina]

Nope! RE market is still pretty strong!

[gwarnecke]

This is encouraging, but it is out of step with what I've observed in our local real estate market (energy corridor area). Homes are moving slowly, and prices have dropped about 10% from the peak a couple years back. Hopefully things pick up again in the spring, or if/when all of the rent concessions on vacant class A office space attract a major corporate relocation.

[Failed Engineer]

Yup, same in Sugar Land as what you are seeing in Energy Corridor.

[Jack Lance]

I think the rise in , what they call luxury home sales is really what's encouraging about this report. It may mean new money is seeping into the Greater Houston economy..

[predatorprey]

My guess is it is single month blip. The trend is still Pointing down in my opinion. Rate increases won't help remarket

[oespinoza83]

Same situation out in west Katy as others have described in SL/EC. Homes sitting still, selling for 10%+ less, etc. And these are homes in the 250k-400k range.

[Jack Lance]

My guess is new development around the Grand Parkway and other new hot spots, is probably taking demand away from more establish neighborhoods

[Sarahsez]

I dunno. I think it may be a blip. I think people might be buying before the interest rates go up.

[tstone]

Luxury? So in other words, the rich keep getting richer. And water is wet...