Despite most local markets showing a year-over-year downturn in homes sales, year-to-date sales remain ahead of or on par with their 2018 pace, according to the most recent report from the Houston Association of Realtors.
On the pricing front, the report says most markets in the Heights, Garden Oaks, Oak Forest and surrounding neighborhoods experienced a surging uptick in year-over-year pricing.
In the Greater Houston area, sales of single-family homes increased 4.9 percent in March, with 7,072 homes sold versus 6,740 in March 2018, while housing inventory expanded to its highest level in five months. In local markets, Greater Inwood (77091) experienced the largest change (37.5 percent) in any direction and was one of just two local markets to outstrip the Houston-area trend.
“Home sales are benefitting from some of the lowest interest rates in years, but we also continue to see tremendous strength in the rental segment, and with inventory growing steadily, the Houston real estate market looks solid,” said HAR Chair Shannon Cobb Evans of Heritage Texas Properties. “We are also encouraged by the Texas Workforce Commission’s latest report about a 2.4 percent increase in employment across metro Houston over the past year, which bodes well for housing.”
In a zip code that includes Garden Oaks/Oak Forest, Candlelight Plaza, Shepherd Park Plaza and more, year-over year home sales dropped 5.4 percent, with just 53 homes coming off the market compared to last March. Year-to-date, the area is the only local market lagging behind its 2018 pace, with only 129 homes sold through the end of March – a 5.8 percent dip from the same period last year.
Pricing-wise, 77018 was the only market to see a drop in both average and median figures. Average price dipped 8.5 percent to $457,494, while median price dropped 6.8 percent to $389,000.
On the western edge of the Garden Oaks/Oak Forest area, March saw the second-largest dip in the area, with the 22 homes sold representing a 25 percent downturn for March 2018. Despite the year-over-year drop, these neighborhoods remain on pace with last year’s year-to-date sales figure of 53 homes.
With regard to pricing, this zip code showed varying year-over-year trends, with average price rising 4.4 percent to $276,916. Median price was an identical $260,000.
In the Greater Heights, home sales jumped by 8.1 percent, with 93 homes sold compared to 86 the previous March. It was one of only two local markets to see a spike. Year-to-date, 206 homes have come off the market compared to 192 through the same period last year, thus outpacing its 2018 pace by 7.1 percent.
Sales prices in the Heights showed major upticks last month. Average home prices spiked 11.7 percent to $585,253, while median home price rose 6.6 percent to $485,000.
On the eastern edge of the Heights, which includes Sunset Heights and Woodland Heights, only 43 sales closed in March – a 12.2 percent year-over-year drop from the 49 sold last March. Year-to-date, this market is one of only two in the area running behind its 2018 pace, with just 103 sold through the end of last month – a 12 percent downturn.
Year-over-year prices in this market were among the biggest risers last month. Average home prices finished the month at $456,353 – an 11.9 percent spike that was the second-largest spike locally. Median prices jumped 22.8 percent, up to $420,000, by month’s end – also the second-largest area uptick.
An area that includes Greater Inwood and part of Acres Homes and Northside, 11 homes came off the market compared to just eight the previous March. The 37.5 percent rise was the largest (percentage-wise) in the area. Additionally, this zip code has seen 68 homes sold through the end of March – a 68.4 percent spike compared to the 19 sold through the end of March 2018.
Buyers also saw the single-biggest jump in both median and average price in this zip code. They paid an average of $231,354 last month, a 44.3 percent uptick. This area’s median price came in at $235,000, representing a 53.3 percent increase – more than doubling any other local market, and 25 times the Greater Houston trend of 2.1 percent.
In the Rice Miltary/Washington Heights area, Realtors closed on 58 home sales last month, a 9.4 percent drop compared to March 2018. Despite the slow month, the area has seen 161 homes sold through the end of March 2019, representing a 26.8 percent lead compared to last year’s pace.
Average prices dropped 5.7 percent down to $538,683. Median prices remained relatively flat, dipping 0.9 percent to $436,250.