Home prices and homes sales in Houston continue to rise in February 2017. Houston’s luxury home market in particular has seen a very healthy come back in 2017. The number of Home sales for homes over $500,000 have increased 19%. According to the Houston Association of Realtors, this is the 4th consecutive month of sales growth in the luxury home market.
Across all market segments, average home prices in the Houston real estate market climbed 2.25 percent to $310,867 year over year ending in February 2017. The median price of a single-family home in the Houston area increased 7.3 percent between February 2016 and February 2017, to $220,000.
According to the Houston Association of Realtors, the 35,685 active listings in February 2017 represented a 7.6 percent increase over February 2016. Pending listings increased February 2017 to 6,908, a 13.1 percent increase over February 2016. Actual sales of properties rose 4% to 4,933 over the same period in Houston.
Homes spent an average of 66 days on the market in February 2017, which is an ever so slight increased from the average 63 days on market from the same period in 2016.
Inventory levels continue to hold steady at 3.5 months worth of available units. This bodes well for home sellers and home prices.
The luxury home sales activity continues to be the strongest sign yet that Houston’s real estate market is making a bit of come back in 2017. As we stated last month, Houstonians looking to upgrade to a larger home were very few in 2016. With their return, we could see rising home prices and an increased number of sales in luxury neighborhoods and inside the loop.