Home sales in Houston dropped 10.2 year-over-year in October, according to the latest monthly report from the Houston Association of Realtors and reported by Paul Takahashi of the Houston Business Journal.
It was the steepest decline in monthly sales volume this year, as local realtors sold 5,873 homes in October, compared to 6,541 homes a year earlier. The Realtors organization attributed the decline in homes sales to the oil downturn and the traditionally slower fall season, Takahashi reports.
Homes also are taking longer to sell compared to last year. The average single-family home spent 53 days on market before selling in October, compared to 51 days in 2014. Sales of all residential real estate properties — single-family homes, condominiums and townhomes — plummeted 11.9 percent year over year in October. The total dollar volume also fell 8.3 percent to $1.8 billion.