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HOUSTON — (October 13, 2021) — Despite persistently low inventory, buyers kept the Houston real estate market humming once again in September, positioning it for a record finish by the time the books close at midnight on December 31. “According to the Houston Association of REALTORS (HAR) September 2021 Market Update, single-family homes sales rose 1.5 percent versus last September, with 9,226 units sold. That is up from 9,086 sales in September 2020. On a year-to-date basis, local home sales are 15.3 percent ahead of 2020’s record pace and up 21.6 percent when compared to 2019.
-Homes priced from $1 million and above – recently redefined by the HAR Multiple Listing Service (MLS) as the luxury market (it was previously defined as $750,000 and above) – led the way in sales with a 34.6 percent year-over-year increase. That was followed by the $500,000 to $1 million segment, which rose 28.3 percent. The $250,000 to $500,000 housing segment came in third place with an increase of 27.4 percent.
-The single-family home average price rose 13.4 percent to $372,408 and the median price climbed 13.3 percent to $300,000. Pricing overall has moderated after reaching record highs in June.
-Sales of all property types rose 1.6 percent year-over-year, totaling 11,285. Total dollar volume for September increased 16.9 percent to $4.0 billion.
More Houston Industrial Space Absorbed During Q3 Than In Most Years – October 7th, 2021 –“
“The Houston industrial market is experiencing dynamic and healthy growth on multiple fronts, Alexander said in the report, adding that she expects vacancy to drop to the high-7% range by the end of 2021. “[Tenants-in-the-market] activity indicates that occupier demand will likely remain at above-average levels, helping set a new high watermark for annual occupancy gains in 2021.”
Demand for industrial space has soared amid supply chain issues that have redirected traffic to Port Houston, spurring a significant number of third-party logistics firms and retailers reliant on imports to set up shop. TGS Cedar Port Partners broke ground late last month on a 1.2M SF cross-dock warehouse, the largest speculative building to date in greater Houston, in an area home to major distribution and fulfillment centers for the likes of Walmart, Floor & Décor, Ikea and Home Depot.”
October Mortgage News & Education: Courtesy of thebalance.com. Please click on the logo to learn more.
October 18th, 2021
30-Year Mortgage Rates Hold Steady or Rise
– 30-year fixed (conventional): The average rate remained at 3.33%, unchanged from the previous business day. A week ago, it was also 3.33%.
– 30-year fixed (FHA): The average rate was 3.1%, unchanged from the previous business day. A week ago, it was 3.15%.
15-Year Mortgage Rate Is Unchanged
– 15-year fixed: The average rate remained at 2.51%, unchanged from the previous business day. A week ago, it was also 2.51%.
– Jumbo 30-year fixed: The average rate rose to 3.48% from 3.47% the previous business day. A week ago, it was 3.41%.
– Jumbo 15-year fixed: The average rate rose to 3.19% from 3.17% the previous business day. A week ago, it was 3.13%.
Refinance Rates Are Unchanged or Rising Slightly
Additional Resources: Here are a few references that we have found helpful in understanding our markets and economy…
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