Though there were a couple of isolated dips, home buyers in local neighborhoods showed out strong last month, with most neighborhoods far outpacing the Greater Houston sales trends, according to the most recent report from the Houston Association of Realtors.
Additionally, the report said nearly all local neighborhoods are outpacing last year’s year-to-date figures, while almost all local zip codes displayed year-over-year pricing trends far exceeding the Houston area.
Sales of Houston-area single-family homes increased 7.8 percent in April, with 7,586 homes sold compared to 7,035 in April 2018. That marks the third straight month of positive sales and the biggest volume gain of 2019. On a year-to-date basis, home sales are 2.2 percent ahead of last year’s record pace.
“Consumers have been taking advantage of optimal conditions for home buying, with low interest rates and a growing supply of properties, and that has powered Houston to a strong springtime performance,” said HAR Chair Shannon Cobb Evans with Heritage Texas Properties.
Homes sales in Garden Oaks/Oak Forest and other surrounding neighborhoods rose 4.8 percent last month, with 66 homes coming off the market in April 2019 compared to 63 the previous year. Year-to-date, however, the area is lagging slightly behind its 2018 pace – only 195 homes have been sold thus far in 2019, a 3.9 percent dip from the same period last year.
On the pricing front, the average homeowner paid $525,745 for a home last month, a 0.7 increase from the $522,326 mark in April 2018. Meanwhile, median prices in this zip code dipped 6.2 percent from last year’s figure down to $414,500.
Moving closer to U.S. 290, in the neighborhoods on the western border of Oak Forest, there was an even greater spike in home sales last month. The 35 houses sold in April 2019 more than doubled the previous year’s figure, with the 105.9 percent increase marking the second-largest growth in the area. On a year-to-date basis, the 88 homes that have come off the market so far is 25.7 percent better than last year’s pace.
Median prices in this zip code rose 8.9 percent this April to $269,000 – the second-biggest gain among local neighborhoods. Average home price was $283,603 last month, an 11.6 percent jump from the previous year.
The zip code including Acres Homes and the Northside neighborhoods, just north of Garden Oaks and Oak Forest, showcased the most significant year-over-year percentage growth. The 19 homes sold in the area last month more than tripled last year’s April mark. Year-to-date, home sales in the area have more than doubled last year’s pace through the end of April.
Prices in this area were also the biggest local movers. Average home price jumped 51 percent from last April up to $234,374. Meanwhile, median prices in the area jumped from $176,000 last April to $256,400 this past April – a 45.7 percent spike.
Homebuyers in the Greater Heights were on par with the Houston area’s trend, with the 91 sales representing a 7.1 percent jump from April 2018. Year-to-date, buyers have closed on 297 homes in the area – a 6.8 percent jump from the same period in 2018.
The area’s 12.8 percent spike in average price, up to $590,616, was the third-largest gain in local neighborhoods. With regards to the median price, figures rose 1.5 percent to $497,500 – the only area market to not at least match the Greater Houston trend.
In an area that includes the Woodland Heights and Sunset Heights, home sales last month jumped 43.9 percent – the second-largest local gain – with 59 homes coming off the market compared to 41 last April. On a year-to-date basis, the area is slightly ahead of its 2018 pace, having closed on 162 sales thus far in 2019.
This area was also the only local neighborhood to experience year-over-year drops in home pricing. Homebuyers paid an average of $488,702 per sale last month, a 2.1 percent dip. Median home price ended the month at $406,000 – a 6.2 percent downturn.
On the southernmost edge of the area, Washington Heights and Rice Military has seen a massive boom in sales so far in 2019. Buyers closed on 78 homes this past April, running past last year’s mark of 56 – a 39.3 percent spike. The area has experienced a similar uptick in year-to-date figures, having had 241 homes sold in 2019, compared to 185 during the same period in 2018.
The 13.8 increase in average home price – to $588,349 – represented the second-highest gains among area zip codes, while the 5.1 percent year-over-year spike in median price doubled the Houston area’s mark.