April Market Shows Healthy Balance

HAR just released their report for April and the numbers point to that of a healthy market. While not being far off the impressive sales numbers of April 2015, other numbers, such as growing inventory and a rise in the sale of mid-range homes indicate a balancing of Houston’s real estate market. After a record 2015, our market is normalizing and approaching more sustainable conditions.

Year-over-year single-family home sales for April stayed virtually the same, falling a minute 0.6 percent from 6,349 to 6,310. That being said, year-to-date sales are actually up, as through April of this year, home sales are 1.6 percent higher than they were through April of 2015.

Home prices for April were a bit of a mixed bag. The average price for single-family homes declined 1.0 percent, dropping from $281,352 in April 2015 to $278,544 this April. While average price fell slightly, median price rose a noteworthy amount of 3.3 percent, jumping from $210,000 to $217,000. The $217,000 amounts to an all-time record for single-family median sales price in an April.

Houston’s active listings grew by 16.7 percent, climbing to 34,402 this April from 29,486 the previous April, increasing the year-over-year inventory from 2.9 months-supply in April of last year to 3.6 months this past April. That amounts to a 22.6 percent increase. Even so, Houston’s inventory is still well below the national supply of 4.5 months.

All in all, April’s numbers should be seen as fairly positive. HAR Chairman Mario Arriaga summed it up nicely, stating, "there is little to complain about in the April HAR sales report, especially when you take into account the fact that we are comparing current home sales to the Houston housing market’s record 2015 performance.” Even with the slight drop in home sales and average prices, Arriaga explains that the market is showing a very healthy equilibrium. “Indicators continue to point to more sustainable market conditions, as mid-range homes sell well and consumers find that they have more homes from which to choose than they did at this time last year."

Buying or selling a home? Give me a call at 713.829.3052 or email me at cynthia@cynthiamullins.com.

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