According to the latest market trends by the Houston Association of REALTORS® (HAR), the number of available listings dropped 23.8 percent from last May—the lowest level since the late 1990’s, HAR reported.
While the shrinkage in home supply remains, Houston retained a positive equity growth, augmenting sales prices by 28 percent. Seven thousand seven hundred and ninety-four transactions closed in the month of May— the highest volume of closed contracts since June 2006, the realty association reported.
Single-family home prices reached a historic high as the median home price increased 11.9 percent to $188,000, while the average home price increased by 9.0 percent to $256,790. Contrastingly, no gains were seen on properties priced under $80,000.
“The Houston real estate market has held to positive territory for two years running and you’d be hard-pressed to find a market anywhere in the U.S. as vibrant as ours,” notes HAR Chairman Danny Frank, with Prudential Anderson Properties.
Houston’s overall positive sales appear to be accredited to the city’s growing job market and favorable low mortgage rates. In an article from Culturemap, author Ralph Bivins credits energy firms and other companies that have expanded and added more than 110,000 jobs to the Houston Greater area.
Overall, sales for the month of May brought positive results to the Houston housing market. Home sales jumped 28.0 percent, while total volume dollar increased from 38.1 percent to $2.2 billion as opposed to $1.6 billion from a year ago.
Houston continues to be one of the top “sellers’ markets” in the nation. Despite a tight inventory and rising listing prices; total property sales, total dollar volume and median pricing were all on the rise.
If you’re contemplating on selling, NOW is the time to take action! Contact us today and let us guide you through the selling process.