HAR has released their report for January and the Houston housing market fared much better than expected. The ongoing freefall of oil prices has many wary about the state of the real estate market and predicting a correlating downfall in home sales and prices. January showed no major indicators of this though as it was a strong overall month. Single-family home sales were just off Houston’s January record while average and median home prices did set all-time highs for a January in Houston.
Single-family home sales dropped a bit, from 4,109 in January of 2015 to 4,024 this January. That amounts to a 2.1 percent decrease, but this year’s figure should still be considered fairly robust as 2015’s numbers were a record for sales in a January. While home sales declined slightly, the number of pending sales at month’s end were up significantly. There were 5,714 pending sales at the end of January 2016 compared to 5,237 pending sales a year earlier. This represents a 9.1 percent increase.
Average price for single-family homes saw a very incremental year-over-year increase of 0.3 percent from $261,913 to $262,663. This increase, however, meant a new record for average price in a Houston January. Median price for single-family homes also set a new January record. It rose 5.3 percent from $190,000 to $200,000. Single-family housing inventory increased a whopping 30.5 percent over January 2015, leaping from 2.5-months supply to 3.3-months supply. Even with the increase, Houston still has some work to do to catch up to the national supply of 3.9 months.
The predicted negative impact of sliding oil prices on the 2016 housing market was hardly felt in January, as the month’s numbers actually represent a fairly healthy market. HAR Chairman Mario Arriaga noted the resilience of the Houston housing market amidst the struggling oil sector. “A lot of folks have nervously anticipated that falling oil prices would have a devastating effect on real estate, but so far, the Houston market has weathered the energy downturn without dramatic shifts in sales and pricing.”
Looking to buy or sell a home, or just have questions about the market? Always feel free to contact me at 713.829.3052 or cynthia@cynthiamullins.com.
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