Houston Housing Market Stats
Riding the success of growth through the first quarter of 2016, the Houston real estate market has continued to thrive thanks to a steady increase in available homes. According to a Houston Association of Realtors report, a total of 7,343 single-family homes sold in the month of May, an increase of about 10 percent year-over-year.
The report showed that the majority of homes sold were priced in the mid-range of $150,000 to $500,000, with average and median home prices showing very little change since May 2015. Total home sales increased 3.6 percent year-to-date.
The total number of active listings in Houston at the end of May was 35,416, a 17.4 percent boost year-over-year. This has also helped bolster Houston’s inventory from a three month supply to 3.6 months.
HAR Chairman Mario Arriaga said the market conditions are more normal this year as compared to 2015 because of a rise in inventory.
“A year ago, the supply of homes was historically low, which increased buyer-side demand and pushed up pricing,” he said in a press release. “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.”
According to National Association of Realtors, the national current inventory is at 4.7 months supply.
Total property sales in May reached 8,703, an increase of 7.1 percent. Total dollar volume also rose from $2,229,902,866 to $2,392,124,785 — a 7.3 percent jump.
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