//Houston home sales fall for third straight month

Houston home sales fall for third straight month

Home sales fell for the third straight month in January, as buyers closed on 362 fewer homes than they did last year at the same time, according to a monthly report from the Houston Association of Realtors.

The median price of a single-family home was $222,000, up 1.4% from last year, the smallest year-over-year increase since October.

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“January appears to have delivered a perfect economic storm of sorts, with some consumers focused on paying off holiday credit card bills, others concerned about the recent bump in mortgage rates and still others that may have felt the squeeze from the partial government shutdown,” Shannon Cobb Evans, the association’s chair, said in a statement.

The slower pace of deals comes on the heels of a record year for the local housing market when home sales shattered sales and price records.

Sales volumes fell in all segments of the market, from entry-level to luxury, which saw its first decline in 12 months, according to the association, which tracks sales handled through the Multiple Listing Service primarily in Harris, Fort Bend and Montgomery counties.

Buyers closed on 4,100 single-family homes in January, an 8.1% drop over last year.

Sales of townhomes and condominiums also fell in January, declining for the fifth consecutive month.

Rental activity, however, rose dramatically for both single-family homes and townhomes and condominiums, spiking 16.5% and 16.4%, respectively, volumes not seen since November 2017.

Tribune Content Agency