February 2016 was pretty much a repeat of the last 3 to 4 months. Prices remain steady with moderate increases. However, inventory levels remain relatively stable and low, which has helped to buoy prices and days on market over the past several months. The average home price in Houston rose 2.26% to $304,126 -- up from $297,397 in 2014. Median home prices jumped 3.68% year-over-year to $197,000, according to data obtained from Houston’s MLS.
Consistent with the trend since November, inventory levels remain fairly low and stable. For the last 4 months, housing inventory remained consistent at approximately 3.5 months across the city. This is relatively low compared to the current 4-months supply of homes nationally. Low available home inventory should help buoy prices near term, which is good for those ready to sell.
For buyers, inventory levels have risen from 2.5 months of available units at the end of 2014 to 3.3 months in January. Although still relatively low, that provides a lot of additional options for home shoppers. Also, the number of multi-offer flash sales have decreased considerably, so you have a little more time to make an informed decision before your purchase.
FEBRUARY 2016: AT A GLANCE
Single-family home sales rose 2.2 percent compared to last February, marking the first increase since September 2015.
Total dollar volume increased 1.2 percent to $1.4 billion.
- At 260,872, the single-family home average price reached its highest level ever for a February.