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Houston Home Sales Set Numerous Records in 2019

Published Dec 11, 2019 by Maggie Martin

real estate

2019 is on track to be a record year for Houston’s real estate market.

The Houston Association of Realtors (HAR) reports November marked the fifth month in a row of positive year-over-year home sale volume. There were 6,395 single-family homes sold across greater Houston last month, an increase of 3.6% from the same time last year. Homes priced between $250,000 and $500,000 were the most in demand. Activity for homes in that price range rose 12.5% over November 2018. 

Inventory of homes was unchanged in November, the first time the Houston market saw no growth in supply.

“The end of the year typically brings a slower pace of home sales, so we welcome another month of gains and attribute it to continued low interest rates in a market that has added more than 80,000 jobs over the past year, according to the Texas Workforce Commission,” said HAR Chair Shannon Cobb Evans with Better Homes and Gardens Real Estate Gary Greene. 

Houston’s real estate market hit record-setting numbers several times over this year with home sales reaching all-time highs in nine of the first eleven months of '19, according to the Partnership's most recent KEI report.

According to the Partnership’s Houston Economic Highlights report, Houston-area realtors sold 101,492 homes in the 12 months ending November ‘19, a 2.8% increase from the 12-month span ending November ’18.

Real estate is projected to continue thriving in Houston next year. The Partnership reported earlier this month that economic activity and employment in real estate is expected to grow in 2020. Metro Houston is expected to add 1,200 jobs in real estate and rental and leasing. The industry is expected to continue growing steadily, with 13,800 new jobs over the next 10 years.

The real estate industry employs 63,400 people and contributes more than $44 billion to Houston’s GDP.

Read more about November's home sales in the Greater Houston Partnership's monthly update. See the full report from HAR here. For the Partnership's 2020 Houston Employment Forecast, click here. For the Partnership's 2019 Houston Economic Highlights, click here.

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Every Texas legislative session brings something new: bold policies, fresh faces on the chamber floor, or, in this case, a new focus on making the Texas economy bigger and better. This year, the Texas House and Senate have restructured their standing committees, creating stand-alone panels to emphasize economic development and other key drivers of the state’s economy. In the Texas Senate, returning Senator Phil King will chair the newly formed Committee on Economic Development. Previously, the committee was a policy-combination focusing on Natural Resources and Economic Development. King, who previously served as Vice-Chair for the Senate Committee on Business & Commerce, said he is excited to take on the leadership position in the upper chamber. “I am honored that Lt. Gov. Patrick has entrusted me to lead the Economic Development Committee in Texas, which has the eighth largest economy in the world,” Senator King said in a statement to the Partnership. “We will use this session to discuss policy solutions that can continue to drive our state's economic growth and prosperity over the next two years and beyond. I look forward to hearing from business leaders and local officials from across the state on how we can build upon the Texas Miracle in their communities.” The Texas House created the Committee on Trade, Workforce, and Economic Development. Under first-term Speaker Dustin Burrows, the House will have a committee focused on the workforce and expanding the talent pipeline for the first time. Committee assignments for the Texas House have yet to be released.  Burrows told the Partnership he is committed to seeing Texas build a bigger and better economic engine for future generations.  "The Texas House remains focused on delivering legislative solutions that will strengthen our state's mighty economy and provide more economic opportunities for hardworking Texans," said Speaker Dustin Burrows. "This session, the House's new Committee on Trade, Workforce, and Economic Development will take a comprehensive approach to ensuring businesses have the freedom and tools to thrive in our state, with a newly created subcommittee concentrating on policies to bolster the Texas workforce. The House will also prioritize support for small businesses through legislation that aims to unleash the power of Texas entrepreneurship in communities across the state by cutting taxes and reforming the regulatory process." It’s too soon to say which bills will go to these committees. For now, a review of the interim reports from the previous committees points to support of key policy priorities for the Partnership: Early Childhood Education: the House and Senate both recognized a statewide need for expanding programs that support families and young children in education/developmental programs The successful implementation of the Lone Star Workforce of the Future Fund [HB 1755 - 89(R)] is compelling lawmakers to invest further in innovation and growth for apprenticeship and training programs. Expanding the available workforce talent pool will remain a priority for the 89th Texas Legislature. Click below to read the full interim reports from the following committees: Senate Committee on Natural Resources and Economic Development House Committee on International Relations and Economic Development To learn more about the Partnership's Legislative Priorities, click here. For more updates and alerts on the Texas Legislature, click here to sign up for our weekly newsletter.
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