May 2015 Houston Home Sale Stats Are Out


Houston's May 2015 home sales stats were released last week: https://www.har.com/content/mls/?m=6&y=15

Here's some of the highlights and my take on the results:

  • Total sales in Houston were down 4.3%. However, this isn't the whole story. Depending on the price range, some homes experienced an increase ($250K-$500K) and others a decrease ($150k-$250K) in sales activity. My personal experience has been that the latter category is still quite competitive, with homes in that range getting multiple offers normally within days of hitting the market, so the decrease in sales is probably more attributable to a lack of inventory. In the former price range, I am seeing more price reductions and longer times on the market.
  • Speaking of inventory, good news is it increased from a 2.8 month's supply to 3.1 (nationally we stand at 5.3). As I said in last month's report, this can only be good news for buyers and sellers. Why sellers? Well, if you want to sell but plan to purchase something else in the area (for instance, if you need more room or perhaps you are down sizing), a lack of inventory may prevent you from putting your home on the market in the first place. This is good for no one and is what is keeping the market mostly a seller's market still.
  • Home prices climbed to all-time highs, with the average price of a single-family home up 4.5 percent year-over-year to $292,040. The median price—the figure at which half the homes sold for more and half for less—soared 10.5 percent to $223,000. Houston continues its rise, and as I've said before, if you are thinking of buying in the next six months at all, now would be the time, as the only way we know if we've reached the top is when prices start falling - and by then, who knows how far prices may have climbed. My experience has been trying to time a market is mostly a futile exercise.
  • When homes do come on the market, they are selling three days faster than they did last year (47 vs. 50). 
  • And for my investor readers out there, demand for single-family lease homes declined 6.7 percent in May, while the average rent for such properties rose 6.6 percent to $1,843. Now that people are back to buying instead of renting, a decline is not a total surprise. However, annual rent appreciation over 3% is every landlord's dream, and 6.6% is amazing! 

To recap, while sales did dip, they did so only marginally, and as we enter the prime home buying and selling months, I do believe you will see a rebound. Unfortunately, I seemed to have misplaced my crystal ball, however, so only time will tell....

 

Are you thinking of buying or selling in the near future? Please feel free to reach out to me to discuss how I may be able to help you. Sharon Tzib, 832-910-9620; sharontzib@remax.net; http://www.sharontzibhoustonknows.com/


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Post Category: Home Values & Recent Sales, Housing Market, Houston Living

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