In the May real estate market, the greatest concentration of home buying continued to take place among mid-range housing — homes priced between $150,000 and $500,000.
According to the latest monthly report prepared by the Houston Association of Realtors (HAR), steady growth in the supply of homes provided the fuel needed to help boost to the overall Houston market.
A total of 7,343 homes sold in May compared to 6,678 a year earlier. On a year-to-date basis, home sales rose 3.6 percent versus May of 2015. New listings buoyed inventory levels from a 3-month supply to 3.6 months.
"We are seeing more normal market conditions for this time of year and that is the direct result of more plentiful housing inventory for buyers,” said HAR Chairman Mario Arriaga with First Group. “A year ago, the supply of homes was historically low, which increased buyer-side demand and pushed up pricing. These are the fundamental forces of supply and demand, and with more available housing and an easing of prices, we look forward to a healthy pace of sales throughout the summer."
Steady Growth in the Supply of Houston-Area Homes
- The single-family home average price declined a fractional 0.5 percent in May to $290,931.
- The median price — the figure at which half of the homes sold for more and half sold for less — held steady at $225,000.
- Total dollar volume for properties sold in May rose 7.3 percent to $2.4 billion.
- Total active listings, or the total number of available properties, at the end of May climbed 17.4 percent from May 2015 to 35,416.
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