The latest monthly data prepared by the Houston Association of Realtors, home sales are up 17% compared to the same time last year. March housing inventory was down slightly from January and February to just 3,5 months!
The lower supply of homes and high demand has caused prices to rise. The median price of a single-family home rose 6.5% to $172,000, setting an all time record high for Houston. The average price rose 4.6% compared to the same time last year, reaching $236,195. This is the second highest price level ever.
5,779 Single-family homes closed in March, setting the largest on month sales volume since August 2012. All housing segments saw gains except those priced below $80,000. The greatest sales volume increase were in homes selling…