Convenience Big Store: Houston sees jump in luxury home sales, boosting housing market

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A sign is displayed outside a home for sale Thursday, July 30, 2020, in Houston.

Photo by: Staff photographer

Luxury leads the market

It's no surprise Houston home sales fell last month, as August represented the 17th straight month of year over year declines, according to the Houston Association of Realtors. But the drop was not too severe, and one segment even gained momentum.

Sales of luxury homes, defined by HAR as those selling for $1 million or more, shot up by more than 20%. Some expected neighborhoods led the luxury market, with The Woodlands, West University Place/Southside and the Memorial Villages as top sellers along with some high growth areas for million-dollar sales in Spring Branch and Oak Forest East.

The sales comprise a small segment of the market with just under 300 luxury homes sold out of a total of almost 7,900 sales across the Houston region last month. The luxury home sales lifted the average home price by 3% to $418,321 in August.

Katherine Feser, Real estate reporter

katherine.feser@houstonchronicle.com

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