The Houston Association of Realtors (HAR) released their April 2017 report last week which showed that the Houston real estate market had more gains with inventory slightly higher.

Average single-family home prices rose 4.7% year over year, another strong and steady number that has been the hallmark of Houston real estate over the last few years.
April 2017 HAR Report – More Gains with Inventory Slightly Higher 1

Months of inventory went up to 4.0 from 3.6 a year ago, another slight move toward a buyers market. With 6 months of inventory being our standard dividing line between a buyers and sellers market, the market has a ways to go before we will call it a buyers market.

The upper end of the real estate market continues strong movement.  The largest bump was the segment of houses above $750,000, the volume of which increased by 15.8 percent.  That contrasted to homes between $100,000 and $149,999, the volume of which actually decreased by 11.4 percent.  This marks several months in a row where the upper end of the market has had significant gains in volume.

Broken out by housing segment, February sales performed as follows:

  • $1 – $99,999: decreased 34.5 percent
  • $100,000 – $149,999: decreased 11.4 percent
  • $150,000 – $249,999: increased 4.8 percent
  • $250,000 – $499,999: increased 11.3 percent
  • $500,000 – $749,999: increased 3.5 percent
  • $750,000 and above: increased 15.8 percent

 

 

Here are some interesting quotes and statistics from the report:

“The single-family home median price (the figure at which half of the homes sold for more and half sold for less) climbed 4.6 percent to $228,000. That marks the highest median price ever for an April. The average price rose 4.7 percent to $291,770, which also represents an April high.”

“Inventory rose from a 3.6-months supply to 4.0 months, matching a level not seen since August 2016. “

CATEGORIES APRIL 2016 APRIL 2017 CHANGE
Total property sales 7,694 8,014 4.2%
Total dollar volume $2,050,177,042 $2,216,093,233 8.1%
Total active listings 34,855 39,567 13.5%
Single-family home sales 6,387 6,583 3.1%
Single-family average sales price $278,658 $291,770 4.7%
Single-family median sales price $218,000 $228,000 4.6%
Single-family months inventory* 3.6 4.0 0.4 mos.
Single-family pending sales 7,289 8,381 15.0%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.

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