Sales of single-family homes in the $500K-$750K range perform bestHOUSTON — (March 13, 2019) — After a generally mixed performance in January, the Houston housing market showed
Houston Housing Stats For February 2019
Sales of single-family homes in the $500K-$750K range perform best
Houston — (March 13, 2019) — After a generally mixed performance in January, the Houston housing market showed considerably more vitality in February, particularly among rental properties. Unlike January, which brought declining sales across all pricing segments, sales last month rose among homes priced between $150,000 and $750,000, with the high end of that range performing best. Inventory continued to grow, generating an improved supply of homes for consumers as the spring buying season gets underway.
According to the newest monthly report from the Houston Association of Realtors® (HAR), sales of single-family homes were statistically flat in February, with 5,280 homes sold compared to 5,265 a year earlier, marking the end of three straight months of declines.
Single-family home prices achieved record highs for a February. The median price (the figure at which half of the homes sold for more and half sold for less) rose 2.9 percent to $232,900 and the average price increased 1.9 percent to $286,156.
Sales of all property types totaled 6,388, also statistically flat when compared to last February’s tally of 6,368 Total dollar volume for the month rose 3.1 percent to $1.76 billion.
“The Houston real estate market seems to be emerging from the winter doldrums with improvement in sales volume and an exceptionally strong performance among rental properties in February,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties. “This suggests that many consumers are opting to rent until they find the right home at the right price at the right interest rate to buy.”
Lease Property Update
Consumers kept the rental market buzzing in February. Single-family home rentals soared 26.5 percent while rentals of townhomes and condominiums shot up 27.1 percent. The average rent for single-family homes edged up 0.8 percent to $1,733 and the average rent for townhomes and condominiums rose 1.9 percent to $1,548.
February Monthly Market Comparison
February’s statistical readings for the Houston real estate market were in the black in all categories. Single-family home prices and total dollar volume rose while single-family home sales and total property sales were flat compared to February 2018. Month-end pending sales totaled 7,310, a 15.4 percent increase over last year. Total active listings, or the total number of available properties, jumped 17.4 percent to 39,304.
Single-family homes inventory reached a 3.7-months supply in February, up from a 3.1-months supply a year earlier. For perspective, housing inventory across the U.S. stands at a 3.9-months supply, according to the latest report from the National Association of Realtors (NAR).
Realty Right offers was founded by Real Estate Broker Guillermo Coronado which started his real estate career in 2002. Before becoming licensed in the State of Texas and eventually a Real Estate B....