For those looking to buy a new home in Houston, you may be pleased to find that home values are on the rise — great news for ensuring a good return on your investment. According to the latest monthly report from the Houston Association of REALTORS® (HAR), 7,070 single-family homes sold in April versus 6,611 a year earlier and home prices reached the highest levels of all time.
Single-family home sales rose 6.9 percent in April, with 7,070 units sold throughout greater Houston compared to 6,611 a year earlier. That is the greatest one-month sales volume since July 2017. For the third straight month, the best-performing segment of the market consisted of homes priced in the $500,000 to $749,999 range, which shot up nearly 30 percent.
On a year-to-date basis, home sales are 3.6 percent ahead of 2017’s record pace. Prices reaches historic highs in April. The median price increased 5.3 percent to $240,000. The average price jumped 5.2 percent to $305,092. Days on Market (DOM), or the number of days it took the average home to sell, edged up from 55 to 56 days.
“April proved to be a strong month for the Houston housing market on both the purchase and rental sides, and mind you that is compared to a record year in 2017,” said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase.
Inventory narrowed from a 3.8-months supply to a 3.6-months supply year-over-year, but is at its highest level since November 2017 and is the same as the national inventory level. Broken out by housing segment, April sales performed as follows:
$1 - $99,999: decreased 6.8 percent
$100,000 - $149,999: decreased 21.3 percent
$150,000 - $249,999: increased 7.7 percent
$250,000 - $499,999: increased 16.8 percent
$500,000 - $749,999: increased 28.7 percent
$750,000 and above: increased 4.7 percent
HAR also breaks out the sales figures for existing single-family homes. Existing home sales totaled 5,813 in April, up 6.1 percent versus the same month last year. The average sales price increased 9.0 percent to $297,745 while the median sales price rose 8.0 percent to $229,000.
The Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 37,000 REALTORS®.