Houston home prices and sales continue to outperform 2016 numbers. According to the Houston Association of Realtors, the luxury home market experienced the 7th consecutive month of rising sales. May sales for homes priced over $750K rose 27.6% over the same period last year.
Across all market segments, average home prices in the Houston real estate market climbed 2.63 percent to $312,698 year over year ending in May 2017. The median home prices increased 6.5 percent between May 2016 and May 2017, to $213,000.
According to the Houston Association of Realtors, the 41,257 active listings in April 2017 represented a 16.4 percent increase over May 2016. Pending listings increased to 8,808, a 18.2 percent increase over May 2016. Actual sales of properties rose 12.3% to 9,744 over the same period in Houston.
Homes spent an average of 51 days on the market in April 2017, which is an ever so slight increased from the average 53 days on market from the same period in 2016.
Inventory rose from a 3.6-months supply to 4.1 months, the highest in nearly five years.
All in all, the market continues to look to fairly balanced between buyers and sellers. Higher Inventory levels will offer more options for home shoppers in some neighborhood. However, those increasing options may provide better prices for buyers.
