After a slow March, the Houston real estate market bounced back in April. Both home sales and home prices rebounded in a big way.
According to the latest report from the Houston Association of Realtors (HAR), single-family home sales in April 2018 increased 6.9 percent compared to April 2017. Homes priced in the $500,000 to $749,999 range continued to be a bright light in the market. Homes in that price range shot up nearly 30 percent. The luxury market – those homes priced at $750,000 and above – rose almost five percent after being flat for two consecutive months.
Single family home prices reached the highest level of all time. The single-family home median price rose 5.3 percent to $240,000. The average price rose to 5.2 percent to $305,092.
According to the Houston Association of Realtors, the 36,882 active listings in April 2018 represented a 3.8 percent drop from April 2017. Month-end pending sales for single-family homes totaled 8,766, up 15.5 percent from last year.
Days on Market (DOM), or the number of days it took the average home to sell, edged up from 55 to 56 days.
Single-family homes inventory reached a 3.6-months supply in April versus 3.8 months a year earlier, but is at its highest level since last November. For perspective, housing inventory across the U.S. also stands at a 3.6-months supply, according to the latest report from the National Association of REALTORS® (NAR).
The spring tends to be the most active season for homes sales and the Spring of 2018 is obviously no exception. If inventory levels remain at current levels, we presume home price increases will continue as we enter the summer months.
