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 between $80,000 - $250,000.
March foreclosure property sales reported in the HAR MLS dropped 27.2% compared to the same time last year. Foreclosures currently make up just 12.3% of all property sales, down from 15.8% just last month. The foreclosure market has also seen an increase in median home price, climbing to $86,000.
As we've been saying for some time now, the secret is out. Houston is a great place to live, work, and play!
