Wednesday, May 08, 2019

Houston Real Estate in April: Sales up 8% YoY, Inventory Up 14%

by Calculated Risk on 5/08/2019 11:52:00 AM

From the HAR: The Luxury Market Leads the Way in Houston's April Home Sales Gains

Lower mortgage interest rates, improving oil prices, steady economic growth and a more plentiful supply of housing translated to a strong month for home sales throughout greater Houston in April. Luxury homes (priced at $750,000 and above) drew the greatest volume of sales followed closely by homes in the $150,000 to $250,000 range. Housing inventory grew to its highest level since last September, keeping up with consumer demand midway through the spring buying season.

According to the latest monthly report from the Houston Association of Realtors (HAR), sales of single-family homes increased 7.8 percent in April, with 7,586 homes sold compared to 7,035 in April 2018. That marks the third straight month of positive sales and the biggest volume gain of 2019. On a year-to-date basis, home sales are 2.2 percent ahead of last year’s record pace.
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April sales of all property types totaled 9,063, up 7.8 percent compared to the same month last year. Total dollar volume for the month jumped 9.6 percent to about $2.7 billion.

“Consumers have been taking advantage of optimal conditions for homebuying, with low interest rates and a growing supply of properties, and that has powered Houston to a strong springtime performance,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties. “The rental market also remains healthy, and we’re relieved to see sales finally turning around among townhomes and condominiums.”
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Total active listings, or the total number of available properties, jumped 13.8 percent to 42,086. ...
emphasis added
On pace for record sales in Houston.