Good news for real estate investors in the Houston, Texas market as the supply of homes available for sale grew in April.
April's increase in new listings gave single-family homes inventory a boost, with levels climbing from a 2.9-months supply to 3.6 months. For perspective, housing inventory across the U.S. currently stands at a 4.5-months supply, according to the latest report from the National Association of Realtors (NAR).
A Healthy Houston Real Estate Market
Overall, the Houston real estate market continues to display healthy equilibrium despite instability in the energy industry, according to the latest monthly report prepared by the Houston Association of Realtors (HAR).
- Single-family home sales declined a fractional 0.6 percent versus April 2015, with a total of 6,310 sales compared to 6,349 a year earlier.
- On a year-to-date basis, home sales are 1.6 percent ahead of last year’s pace.
- The single-family home average price declined 1.0 percent to $278,544. The median price -- the figure at which prices are split exactly in half, where half of the homes sold for more and half sold for less — rose 3.3 percent to $217,000, the highest price ever for an April.
"There is little to complain about in the April HAR sales report, especially when you take into account the fact that we are comparing current home sales to the Houston housing market’s record 2015 performance,” said HAR Chairman Mario Arriaga with First Group. “Indicators continue to point to more sustainable market conditions, as mid-range homes sell well and consumers find that they have more homes from which to choose than they did at this time last year."
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