Houston Home Prices Rise in March
Houston home prices reached a record level for the month of March, according to the latest data from the Houston Association of Realtors. Single-family median home prices increased 2.4% in March 2018, reaching $233,500. When calculated as an average, home prices increased 3.0% to $292,756.
Conversely, home sales volumes dipped a bit during March, with 6,810 single-family homes sold, down slightly from March 2017’s sales of 6,982.
As a whole, home sales during the first quarter of 2018 are up 2.8%, compared to the first quarter of 2017.
Meanwhile, pending sales, a forward-looking indicator of homes under contract that have not yet closed, are up 4.6% in March 2018, compared to the same month a year ago. As 2017 represented a record year for Houston home sales, 2018’s early pace suggests that the market has plenty of room to run.
The Houston real estate news remains very positive for home sellers! For Houston home buyers, the market remains challenging – but not impossible. The neighborhoods of West Houston, including the Houston Energy Corridor and eastern Katy, have very localized markets. The guidance of local, experienced real estate experts can help you leverage your opportunities!