The Houston housing market showed sustainable market conditions in March, as mid-range homes and a growing housing month supply showed positive trends despite strains within the energy industry, the Houston Association of Realtors reported.
According to HAR’s latest market report, an estimated 6,001 single-family home sales were recorded in March, a decline of 2.2 percent year-over-year, allowing the housing inventory to boost to a 3.6-months supply of a 2.8-months supply from a year ago. Nonetheless, on a year-to-date basis, home sale are up 1.0 percent ahead of last year’s numbers.
Single-family home prices dropped 1.6 percent to $272,658 over March 2015, while the median home price boosted to $215,000—the highest recorded for a March, HAR reported.
“Overall home sales held steady throughout March, and much of that may be due to an influx of new residents throughout the Houston area even as the energy industry suffered more layoffs,” said HAR Chairman Mario Arriaga. “Positive home sales in the $150,000 to $250,000 price range and increasing housing inventory suggest that we are in a more sustainable market,” Arriaga reported.
Month-end pending sales totaled 8,018, an increase of 4.9 percent when compared year-over-year. Total active listings rose 21.0 percent when compared year-over-year to 34,504. All housing segments saw a decline in the month of March, except homes priced $150,000 to $249,999, HAR reported.
While Houston’s market conditions remain mixed, a demand for housing should continue as the Bayou City continues to be a desirable destination.