Houston Market Report: April 2019

Norhill Realty May 23, 2019

Falling mortgage interest rates, rising oil prices, and more options for home buyers all helped to create a strong real estate market in April. According to the Houston Association of Realtor’s monthly report, the luxury homes market drew the greatest volume of sales.

Prices of single-family homes reached record highs for an April. The median price rose 2.1 percent to $245,000 and the average price was up 1.9 percent at $310,676.

According to HAR, total active listings, or the total number of available properties, jumped 13.8 percent to 42,086. April sales of all property types totaled 9,063, up 7.8 compared to the same month last year. As a result, the absorption rate for April 2019 increased slightly to 22% versus the 21% rate we saw in March.

Days on Market (DOM), or the number of days it took the average home to sell, was up slightly to 57 days.  However, this is down from February’s 68 days. Inventory grew to a 4-months supply. That is up from 3.5 months a year earlier and marks the greatest supply of homes since September 2018. It is below the national inventory of 3.9 months reported by NAR.

As the summer heats up, we continue to see a robust real estate market.  With inventories up and mortgage rates down, the market continues to be a good one for home buyers in most Houston markets.

Norhill Realty provides expert real estate services to residential buyers and sellers in Houston and surrounding communities. Contact us today for more information on Houston real estate and for professional assistance navigating this sometimes complex home market.

 

 

Find and click your neighborhood below to find the latest listings for these great Houston neighborhoods.
Afton Oaks / Highland Village
Bellaire
Briargrove
Briargrove Park / Walnut Bend
Camp Logan / Glen Cove
Cottage Grove
Downtown
EADO / Eastwood
East Washington / Sawyer Heights
Garden Oaks
Houston Heights
Knollwood / Woodside
Memorial West
Meyerland Area
Midtown
Montrose
Oak Forest East
Mangum Manor / Oak Forest West
Rice Military / Washington Corridor
River Oaks Shopping Area
Riverside Terrace
Shady Acres
Shepherd Plaza Park
Spring Branch
Timbergrove / Lazybrook
University Place and Museum Park
Westbury / Maplewood / Brays Oaks
West University / Southside
Willow Meadows / Willowbend

 

Norhill Realty and the MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Twelve-month totals may vary from actual end-of-year figures, due to individual changes to MLS records. This data is for informational purposes only and should not be the sole piece of data used in the evaluation of a buy or sell decision. Consult with one of our Realtors to evaluate any particular property so you can determine how the market relates to that property.