After three consecutive years of booming double digit growth, Houston’s home price growth has slowed in the past several months. The average home price in Houston rose 2.49% to $303,526 — up from $296,150 in 2014. Median home prices jumped 3.68% year-over-year to $197,000, according to data obtained from Houston’s MLS.
Consistent with the trend since November, inventory levels remain fairly low and pretty stable. For the last 4 months, housing inventory remained consistent at approximately 3.5 months across the city. This is relatively low compared to the current 3.9-months supply of homes nationally. Low available home inventory should help buoy prices near term, which is good for those ready to sell.
For buyers, inventory levels have risen from 2.5 months of available units at the end of 2014 to 3.3 months in January. Although still relatively low, that provides a lot of additional options for home shoppers. Also, the number of multi-offer flash sales have decreased considerably, so you have a little more time to make an informed decision before your purchase.
JANUARY 2016: HOUSTON MARKET AT A GLANCE
Single-family home sales fell 2.1 percent for the year and sales of all property types were unchanged from the same period last year.
Total dollar volume was statistically flat at $1.2 billion.
- Townhomes/condominium sales rose 15.6 percent with the average price unchanged at $183,076 and the median price up 2.4 percent to $140,000