Every month, the Houston Association of Realtors (HAR) releases a report on sales and pricing in Houston. Circa Real Estate always stays up to date on the latest market trends to ensure our clients have the best info in hand.
Home sales in Houston were up in the month of February, according to a new report from HAR. Pricing and volume of single-family homes both rose last month, with homes in the $250,000+ range enjoying the greatest increase. The luxury market ($750,000+) also increased for the fourth consecutive month. A total of 4,933 homes sold in February 2017, compared to 4,743 in February of last year.
Month’s supply increased from 3.4 to 3.5, a small shift in the favor of buyers. The single-family home median price increased 7.3% to $220,000, the highest median price ever for February. The average price rose to $287,175, an increase of 6.7% and another February record high.
According to HAR Chair Cindy Hamann, “Home buyers were busy throughout the Houston area in February, accounting for particularly strong activity among single-family homes priced at $250,000 and above, as well as in the townhome/condominium market. We need housing inventory to grow a bit more than it has, but we still believe the Houston real estate market is experiencing sustainable sales levels as we wrap up the first quarter of the year.”
When including all types of property sales, the total volume of all property sold in February totals a whopping $1.6 billion, an increase of 7.1% over last year. No matter which segment of the market you look at, the Houston housing market showed strong growth and no signs of slowing down. Experts expect the first quarter of 2017 to close with more strong growth.
For more information, please visit HAR.com.