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Houston Home Sales Are Growing
ByOlivia Pulsinelli – Senior web editor, Houston Business Journal
April was a strong month for the Houston housing market, which saw all major sales metrics increase, according to the Houston Association of Realtors.
Notably, single-family home sales totaled 7,586, a 7.8 percent year-over-year increase. That’s the biggest increase for single-family home sales so far this year and marks the third straight month of positive sales, per HAR.
Sales of all property types also increased 7.8 percent, totaling 9,063. All segments of single-family homes priced at or above $150,000 saw healthy increases in sales last month. The largest increase was in the luxury segment — homes priced at or above $750,000 — which saw sales jump 14.2 percent.
Click through the slideshow at the end of the story to see the most expensive homes sold during the first three months of 2019.
Once again, both the average and median sales price for a single-family home increased about 2 percent year over year and hit record highs for an April in Houston. The average price inched up 1.9 percent to $310,676, and the median rose 2.1 percent to $245,000. Total dollar volume jumped 9.6 percent to more than $2.66 billion.
Forward-looking metrics also remained strong. Single-family pending sales are up 17.8 percent year over year, and total active listings are up 13.8 percent. Inventory is at a 4-month supply, up 0.5 months from the same time last year and the highest it’s been since September 2018. Months of inventory estimates the number of months it would take to sell all the home listings on the market today based on the pace of sales over the past 12 months. For comparison, housing inventory nationwide stands at a 3.9-month supply.
Meanwhile, townhome and condominium inventory increased from a 3.9-month supply to a 4.5-month supply, while seven straight months of declines in sales came to an end. Sales of townhomes and condominiums totaled 595, unchanged from April 2018, but prices fell. The average price declined 8.4 percent to $203,751, while the median price dropped 9 percent to $163,000.
However, single-family rental interest is still strong, with leases increasing 12.7 percent year over year, though average rent increased less than 1 percent, hitting $1,795. Demand for rental townhomes and condominiums decreased 4.4 percent, while average rent decreased 1 percent to $1,586.
Consumers have been taking advantage of optimal conditions for homebuying, with low interest rates and a growing supply of properties, and that has powered Houston to a strong springtime performance,” Houston Association of Realtors Chair Shannon Cobb Evans said in a press release. “The rental market also remains healthy, and we’re relieved to see sales finally turning around among townhomes and condominiums.”
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