The latest MLS report by the Houston Association of Realtors® (HAR) indicated a 15.5 percent increase in generated sales over February of last year, selling approximately 5,324 properties in Houston.
With home sales on the rise, a shortage of home listings has surfaced. Houston’s housing inventory fell to 3.6 months for two consecutive months; the lowest since December 1999, the National Association of Realtors® (NAR) stated.
NAR’s chief economist, Lawrence Yun implies that limited inventory is holding back the market. “Only new home construction can genuinely help relieve the inventory shortage, and housing starts need to rise at least 50 percent from current levels” he said.
The state of Houston’s housing market currently resides in the seller’s hands. Bidding wars and multiple offers are becoming more prevalent with time. NAR’s latest news release states that the average single-family home price has increased 9.6 percent to $220, 445 from last year’s numbers. Similarly, total dollar volume for properties increased from $877 million to $1.1 billion from a year ago.
Overall, February’s market overview brings positive results to Houston’s housing market. The pace of home sales is expected to continually rise. NAR’s chief economist, Yun predicts home sales to increase by 7 percent and reach the 5 million sale mark.
NAR also predicts home mortgages to remain low, but trending to slowly increase by approximately 4 percent during this year’s fourth quarter.
If you’re contemplating on selling your home, now‘s the time to take action. Take advantage of the market and consult a REALTOR® who can price your home accordingly and guide you through the selling process.
If you have any questions regarding the housing market, our REALTORS® are here to help.
Don’t forget to RSVP for our April 16th Home Buyer’s Seminar! See below.