Home prices and sales experienced another month of gains in the Houston real estate market in April. According to the Houston Association of Realtors, the luxury home market, which had stagnated in 2016, continues to come back with a 6th consecutive month of rising sales. If you’ve ready our market reports before, you know that this has been the dominant story line in 2017.
That being said, the luxury home market isn’t the only sector that has experience heightened activity. Single-family home sales and pricing experienced another month of gains and housing inventory reaching the highest level since last August, which is common for this time of year.
Across all market segments, average home prices in the Houston real estate market climbed 2.52 percent to $312,047 year over year ending in April 2017. The median home prices increased 7 percent between April 2016 and April 2017, to $214,000.
According to the Houston Association of Realtors, the 39,567 active listings in April 2017 represented a 13.5 percent increase over April 2016. Pending listings increased March 2017 to 8,381, a 15 percent increase over April 2016. Actual sales of properties rose 4.2% to 8,014 over the same period in Houston.
Homes spent an average of 55 days on the market in April 2017, which is an ever so slight increased from the average 56 days on market from the same period in 2016.
Inventory rose from a 3.6-months supply to 4.0 months, matching a level not seen since August 2016.
All in all, the market continues to look to fairly balanced between buyers and sellers. Higher Inventory levels will offer more options for home shoppers in some neighborhood. Those increased number of options might offer opportunities for better prices on individual properties.