The feverish local housing markets continued to cool to pre-pandemic levels in October, with year-over-year sales down 56 percent in Bellaire and 30.8 percent in West University. Only 29 homes changed hands in the two cities that month, compared with 51 the previous October.
Still, prices soared by nearly 30 percent in West University, up to a whopping $1.74 million average, and stayed flat in Bellaire, coming in at just under $1 million.
The Houston Association of Realtors, which provides the figures to Essentials each month, attributes the cooldown — now in its seventh consecutive month — to rapidly rising mortgage rates. Overall in the Houston area, single-family home sales were down nearly 23 percent, with all segments showing declines. Here was how the higher brackets performed, according to HAR:
- $500,000 – $999,999: decreased 6.6 percent
- $1M and above: decreased 28.0 percent