The Houston housing market showed positive signs of growth as May’s home sales were up 10 percent versus May 2015, the Houston Association of Realtors reported.
According to HAR’s latest monthly report, an estimated 7,343 contracts closed in the month of May, an increase of 3.6 percent year-over-year, allowing the housing inventory to rise to a 3.6-months supply of a 3.0-months supply from a year earlier.
Single-family home prices declined 0.5 percent to $290,931 over May 2015, while the median home price held steady at $225,000, HAR stated.
“We are seeing more normal market conditions for this time of year and that is the direct result of more plentiful housing inventory for buyers,” said HAR Chairman Mario Arriaga. “A year ago, the supply of homes was historically low, which increased buyer-side demand and pushed up pricing. These are the fundamental forces of supply and demand, and with more available housing and an easing of prices, we look forward to a healthy pace of sales throughout the summer,” conveyed Arriaga.
Month-end pending sales totaled 8,286, an increase of 15.6 percent when compared year-over-year. Total dollar volume for properties rose 7.3 percent to $2.39 billion in comparison to $2.23 billion from a year ago. All housing segments saw a decline in the month of May, except homes priced $150,000 to $499,999, HAR reported.
Overall, the Houston housing market continues its positive trajectory, growing in all categories with total dollar volume, single-family homes sales, and average pricing all up when compared year-over-year, the HAR reported. All in all, Houston’s housing market should see sustainable market conditions as a demand for housing continues to increase.