The Houston real estate market managed to resist most of the effects of the energy downturn in February, with home sales up over 2 percent compared to the same month last year.
Single-family homes priced between $150,000 and $500,000 recorded positive sales volume while the luxury home segment experienced the biggest decline.
According to the latest monthly report compiled by the Houston Association of Realtors (HAR):
- February single-family home sales rose 2.2 percent vs. February 2015.
- New listings helped inventory grow from a 2.7-months supply to 3.4 months.
- Single-family home average price squeezed out a fractional 0.5 percent year-over-year increase, reaching $260,872, the highest figure ever for a February.
- The median price — the figure at which half of the homes sold for more and half sold for less — was unchanged at $200,000.
- Total dollar volume for properties sold in February rose 1.2 percent to $1.4 billion.
“So far in 2016, the Houston housing market has remained healthy despite the ongoing strains facing the energy industry,” said HAR Chairman Mario Arriaga with First Group. “Sales are still down in the luxury home market, but, just as we saw in January, mid-range housing performed well and inventory levels grew. There was also a lot of activity among rental properties.”