After a sluggish March, the Houston real estate market rebounded in April with a nearly seven percent jump in home sales and the highest average and median prices of all time. Consumers also kept the lease market humming with gains in the rental of single-family homes and townhomes/condominiums.
The Houston real estate market experienced its first sales slowdown since Hurricane Harvey last August, as 6,810 single-family homes sold in March versus 6,982 a year earlier. That represents a 2.5-percent decline. The rental market also saw waning consumer interest for both single-family homes and townhomes/condominiums. However, inventory of homes for sale reached the most plentiful level in four months.
Houston home sales enjoyed their second positive month of the new year, and after three months of declines, stability returned to the luxury market. However, the overall supply of homes across greater Houston shrank slightly in February, narrowing options for house hunters heading into the traditionally active spring home-buying season.
Overall sales of single-family homes rose 8.9 percent, according to the latest monthly report from the Houston Association of Realtors (HAR). However, January marked the third consecutive month of declining sales among luxury homes – those priced at $750,000 and above. The strongest sales performance took place among homes in the $250,000 to $500,000 range. Housing inventory was unchanged from the 3.3-months supply a year earlier, in January 2017.
Despite the devastating assault that Hurricane Harvey waged on the greater Houston area last summer – from which many property owners are still recovering – the Houston real estate market set new records by the time the sun set on 2017. Single-family home sales for the full year rose 3.5 percent compared to 2016, the previous record year.