Based on November sales, the housing market in Houston paints an interesting picture: There are significantly fewer homes priced below $400,000 up for sale than homes priced at $500,000 and above, reports Toni Nelson of MarketWatch.
Homes priced at $400,000 and below still enjoy a "months of inventory" (MOI) ranking as a sellers' market — from 4.6 MOI to 1 MOI. Homes in the $400,000 to $500,000 are categorized as a normal market at 6.1 MOI and homes priced $500,000 and above are experiencing a strong buyers' market starting at 7 MOI and moving up the scale to 10 MOI for a home priced over $1 million.
As for sales numbers, Houston residential real estate took a tumble in November, recording 4,595 single-family home sales and 11% fewer sales than last year. The slight drop brought year-to-date sales to 67,771 — 2% fewer home sales than in 2014.