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The Houston Housing Market Gains Strength in April

The Houston housing market held firmly to positive territory, trekking to higher grounds and showing no signs of decline, the Houston Association of Realtors reported.

According to the latest market report by HAR, an estimated 6,502 contracts closed in the month of April, while the housing month supply increased to 2.9-months—a slight increase, but lower than the national 4.6-month supply.

Single-family home prices increased 4.3 percent to $281,724 over April 2014, while the median home price increased 7.0 percent year-over-year to $209,790.

“The Houston real estate market is doing quite well despite low inventory levels and concerns about the effects of declining oil prices,” said HAR Chair Nancy Furst. “Realtors I speak to regularly tell me that business remains strong, and April’s uptick in inventory means consumers had the benefit of more homes hitting the market. We will have to watch and see how layoffs in the energy industry affect home sales in the months ahead,” stated Furst.

Month-end pending sales totaled 6,717, while total dollar volume for properties increased 6.0 percent to $2.09 billion in comparison to $1.97 billion on a year-over-year basis. All housing segments saw gains in the month of April, with the exception of homes priced under $150,000, HAR reported.

Overall, the Houston housing market has seen considerable improvements throughout the month of April when compared year-over-year. A demand for housing should remain as the Bayou City continues to be a desirable destination; nonetheless we will have to wait and see how the crash in oil prices and the energy industry layoffs affect the housing boom.