January marked a start to 2017 that picked up pretty much right where Houston’s record-setting 2016 left off. The end of 2016, in particular, was a very strong one, with November and December year-over-year numbers being up across-the-board. According to HAR’s February report, January seemingly built off of that momentum as single-family home sales and prices both rose.
Single-family home sales saw a 1.7 percent increase from the 4,011 homes sold in January 2016 to the 4,080 homes sold this January. Sales grew at every price segment, with homes priced between $500,000 and $750,000 seeing the largest increase of any segment at 16.5 percent. Pending sales at month’s end saw a huge year-over-year jump from 5,041 to 6,286, for an increase of 24.7 percent.
January’s year-over-year home prices leapt up a notable amount for both average and median single-family home price. Average price for single-family homes climbed to $275,696 after being $261,847 the prior January. That amounts to a 5.3 percent increase. Median price saw an uptick of 4.0 percent to $210,000, which registers as an all-time high for a Houston January.
Active listings in January 2017 were up 8.6 percent when compared to January 2016. Inventory for single-family homes rose, year-over-year, from 3.3-months supply to 3.5-months supply. While this is still well below what is considered a balanced market (usually around 6-months supply), we are inching closer to the national average, which has been declining and currently sits at 3.6-months supply.
It’s exciting to see our real estate market follow up a record-setting 2016 with a healthy January that continues the forward momentum. HAR Chair Cindy Hamann contributes the positive numbers to “the end of the holidays and rising interest rates spurring many on-the-fence buyers to take action in January.” In addition, I think a banner 2016, an improving oil sector, and mild January temperatures (which make people more likely to get out and see houses) all played a role in the encouraging start to the year…and I think we’ll keep a good amount of momentum at least through the springtime.
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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