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If you can’t stand the heat, get out of Houston’s housing market. Despite a short downturn due to the oil slump and winter weather, Houston’s housing market continued to improve in April as the homebuying season began to heat up.
All metrics increased year over year, with single-family home sales increasing 1.9% to 6,502 and total property sales increasing 1.5% to 7,907, the Houston Association of Realtors (HAR) reported May 13. Total pending sales were up a whopping 39.8 % year over year to 6,717.
And more sellers entered the market, pushing inventory up to a 2.9 month supply – the highest since September. That’s up 9.6% from the 2.6 month supply Houston recorded in April 2014 and still well below the nation supply of 4.6 months of inventory. Months of inventory is an estimate of the time it would take to deplete the current active housing inventory based on the previous 2 months of sales.
Despite the increase in inventory, prices still reached record highs for an April in Houston. The average sales price of a single-family home increased 4.3% year over year to $281,724, and the median price jumped 7% to $209,790.
Total dollar volume for all property sales increased 6% year over year to nearly $2.1 billion, Sales of homes between $250,000 and $499,999 increased 9.9%, sales of homes between $150,000 and $249,999 increased 9.7% and those at $500,000 and above increased 4.8%. Sales in other price segments decreased.
“Realtors I speak to regularly tell me that business remains strong, and April’s uptick in inventory means consumers had the benefit of more homes hitting the market,” HAR Chairwoman Nancy Furst, with Berkshire Hathaway HomeServices Anderson Properties, said in a statement. “We will have to watch and see how layoffs in the energy industry affect home sales in the months ahead.”