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.
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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