Wednesday, April 10, 2019

Houston Real Estate in March: Sales up 4% YoY, Inventory Up 18%

by Calculated Risk on 4/10/2019 04:19:00 PM

From the HAR: The Houston Housing Market Blossoms in March

Lower interest rates pushed fence-sitters into buying mode as single-family home sales rose nearly five percent in March compared to a year earlier. The strongest sales activity was recorded among homes priced between $250,000 and $500,000, followed closely by the luxury segment ($750,000 and above). Once again, renters placed strong demand on single-family and townhome/condo leases across greater Houston. Housing inventory expanded to its highest level in five months, laying fertile ground for consumers as we move further into the spring buying season.

According to the latest monthly report from the Houston Association of Realtors® (HAR), sales of single-family homes increased 4.9 percent in March, with 7,072 homes sold versus 6,740 in March of 2018. Home sales edged up slightly in February following three consecutive months of declines.
...
March sales of all property types totaled 8,475, up 3.6 compared to the same month last year. Total dollar volume for the month jumped 5.7 percent to $2.4 billion.

“Home sales are benefitting from some of the lowest interest rates in years, but we also continue to see tremendous strength in the rental segment, and with inventory growing steadily, the Houston real estate market looks solid,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties. “We are also encouraged by the Texas Workforce Commission’s latest report about a 2.4-percent increase in employment across metro Houston over the past year, which bodes well for housing.”
...
Single-family homes inventory reached a 3.9-months supply in March. That is up from 3.3 months a year earlier and marks the greatest supply of homes since October 2018. ...
emphasis added
CR Note: Total active listings increased 17.5 percent year-over-year to 41,127.