Houston-area home sales in August registered the smallest drop in more than a year as sales of luxury homes gave the market a boost.
Total single-family home sales fell 3.8% over the past year to 7,893 in August, according to the Houston Association of Realtors. It was the smallest percentage drop in 15 months and less than half the 9% decline in July.
August sales fell across all price ranges, except those above $1 million. Sales of luxury homes, which made up 3.7 percent of the market with nearly 300 sales areawide, increased by more than 20 percent. The priciest properties stayed on the market just 39 days, compared with 42 days for the overall market.
Read more at: Houston Chronicle