Wednesday, March 13, 2019

Houston Real Estate in February: Sales up Slightly YoY, Inventory Up 17%

by Bill McBride on 3/13/2019 02:00:00 PM

From the HAR: Houston Home Rentals Soar in February While Sales Recover

After a generally mixed performance in January, the Houston housing market showed considerably more vitality in February, particularly among rental properties. Unlike January, which brought declining sales across all pricing segments, sales last month rose among homes priced between $150,000 and $750,000, with the high end of that range performing best. Inventory continued to grow, generating an improved supply of homes for consumers as the spring buying season gets underway.

According to the newest monthly report from the Houston Association of Realtors® (HAR), sales of single-family homes were statistically flat in February, with 5,280 homes sold compared to 5,265 a year earlier, marking the end of three straight months of declines.
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Sales of all property types totaled 6,388, also statistically flat when compared to last February’s tally of 6,368. Total dollar volume for the month rose 3.1 percent to $1.76 billion.

“The Houston real estate market seems to be emerging from the winter doldrums with improvement in sales volume and an exceptionally strong performance among rental properties in February,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties. “This suggests that many consumers are opting to rent until they find the right home at the right price at the right interest rate to buy.”
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Total active listings, or the total number of available properties, jumped 17.4 percent to 39,304.

Single-family homes months of inventory was at a 3.7-months supply, up from 3.1 months last February, but slightly below the national inventory level of 3.9 months ...
emphasis added