The last year has been a bit of a rollercoaster in our local housing markets, but local agents have said the market is in a nice balanced state at the moment—not so flush with inventory to be considered a buyer’s market, yet not in a reduced state of inventory so as to be designated a seller’s market. Consumers kept the Houston real estate market humming in April, with single-family home sales and pricing experiencing another month of gains and housing inventory reaching the highest level since last August.
As a result, many of our local and surrounding housing markets experienced the same spiking trend in homes sold during April 2017 YOY, with the exception of 77091, which experienced nearly a 6 percent downturn according to the April report from the Houston Association of Realtors (HAR).
One trend jumping out in the report was that those in our local neighborhoods observed some eerily similar trends. Both the 77008 and 77018 zip codes saw about 22 percent more homes sold in April 2017 than during the same period in 2016, while the greater Houston area saw inventory sold rise by nearly 6 percent in April 2017 YOY.
Despite the similar rise in homes sold, however, local neighborhoods saw some distinctly opposing trends in pricing.
While the 77018 zip code saw both average and median home prices remain relatively flat (0.6 percent rise each way), 77008 saw home prices fall by nearly 6 percent YOY to an average price of $473,189 (from $502,425) and median home prices stay relatively flat.
By comparison, the Greater Houston market as a whole saw average home price rise by nearly 5 percent in April 2017 YOY (from $269,987 to $284,125) and median housing price rise by nearly 7 percent YOY to $224,240.
The strongest growth in Houston sales activity took place among homes priced from $750,000 and above (considered the luxury market), followed by homes in the $250,000 to $499,999 range. For the luxury market, which took the brunt of the energy slump, April marked a sixth consecutive month of rising sales.
A total of 6,583 single-family homes sold in April versus 6,387 a year earlier, according to the latest monthly report produced by the Houston Association of Realtors.
That represents a 3.1 percent increase, while new listings also buoyed inventory levels from a 3.6-month supply to 4.0 months.
“The Houston real estate market had another strong showing in April among sales and rental properties alike, and as we had hoped, inventory levels got a healthy boost,” HAR Chair Cindy Hamann with Heritage Texas Properties said in a release. “The latest Texas Workforce Commission employment update states that 13,300 jobs were created throughout greater Houston in March, the most since September 2015, so we remain optimistic about the local economy.”
The single-family home median price climbed 4.6 percent to $228,000. That marks the highest median price ever for an April. The average price rose 4.7 percent to $291,770, which also represents an April high. April sales of all property types in Houston totaled 8,014, up 4.2 percent from the same month last year.