Despite continued strains in the oil patch, Houston saw positive sales in mid-range homes, a growing supply of homes and the largest population growth in the nation.
Houston Home Sales Ahead of Last Year’s YTD Pace
According to the Houston Association of Realtors (HAR), homes sales to-date are 1 percent ahead of last year’s pace.
The real estate market did see March single-family home sales decline 2.2 percent versus March 2015, with a total of 6,001 sales compared to 6,137 a year earlier. However, new listings helped boost inventory from a 2.8-months supply to 3.6 months.
“Overall, home sales held steady throughout March, and much of that may be due to an influx of new residents throughout the Houston area even as the energy industry suffered more layoffs,” said HAR Chairman Mario Arriaga with First Group. “Positive home sales in the $150,000 to $250,000 price range and increasing housing inventory suggest that we are in a more sustainable market.”
U.S. Census Bureau data shows the Houston metropolitan area leading the nation in population growth in 2015, with the addition of over 159,000 new residents. The Greater Houston Partnership stated that since April 2010, Houston has added over 736,000 residents and that energy industry layoffs have been offset by job creation in other sectors.
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Houston Real Estate Highlights in March
- Single-family home sales declined 2.2 percent compared to last March
- On a year-to-date basis, single-family home sales are up 1 percent
- Total property sales declined 1 percent to 7,375 units
- Total dollar volume fell 2.5 percent to $1.9 billion
- At 272,658, the single-family home average price was down 1.6 percent compared to last March
- The single-family home median price rose 2.4 percent year-over-year to an all-time March high of $215,000
- Single-family homes months of inventory climbed to a 3.6-months supply versus 2.8 months a year earlier
- Townhomes/condominium sales rose 1.9 percent with the average price down 2 percent to $193,483 and the median price up 4.9 percent to $150,000
- Leases of single-family homes climbed 9 percent with rents up a fractional 0.6 percent to $1,736
- Leases of townhomes/condominiums rose 7.4 percent with rents up 1.7 percent to $1,596