April continued the hot start to 2017 for Houston’s housing market as for the fourth straight month to start the year, prices and sales increased. According to HAR’s May Report, our market saw across the board gains in April, as single-family home sales, median price, average price, and inventory all rose. A couple of these figures even set all-time April records!
Year-over-year single-family home sales increased 3.1 percent from 6,387 to 6,583. The luxury market (homes priced $750,000 and above) saw the largest increase in sales of any price segment, jumping up 15.8 percent. This segment has now seen its year-over-year sales numbers grow for six consecutive months. Pending single-family home sales climbed up from 7,289 last April to 8,381 this year. That amounts to a 15 percent increase.
Average sales price and median sales price for single-family homes both rose a notable amount, ascending to the highest prices ever seen in an April in Houston. Average price swelled to $291,770 this April after being at $278,658 the previous April. That marks a 4.7 percent jump. Median price saw a similar increase of 4.6 percent, strengthening from $218,000 in April 2016 to $228,000 in April 2017.
Active listings grew a significant amount year-over-year, from 34,855 to 39,567, for a 13.5 percent increase. The rising number of active listings is reflected in the city’s inventory level for single-family homes which is now at 4-months supply. Not only is that the highest level seen since last August, but it also sits above the current national inventory of 3.8-months supply.
The numbers show that demand for homes has been high thus far in 2017. HAR Chair Cindy Hamann points to the improving Houston economy as a major reason for the rising demand. “The latest Texas Workforce Commission employment update states that 13,300 jobs were created throughout greater Houston in March, the most since September 2015, so we remain optimistic about the local economy,” she explains. With more jobs being created, and now more housing inventory available, we likely will see sales continue to increase during the summer selling season, and quite possibly in impressive fashion.
Buying or selling a home or have questions about the market? Give me a call at 713.829.3052 or email me at cynthia@cynthiamullins.com.
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