Houston Home Sales Up, Inventory Down
Houston home sales gained steam in February, posting increases in both sales volumes and home prices. Here’s what home Houston home buyers and sellers need to know!
Luxury home sales in the price range of $500,000 to $749,999 improved significantly, with sales volumes up by 18.8% compared to February 2017. Luxury home sales in the price range of $750,000 and above were on par with February 2017. These are encouraging signs as we enter the busy spring market.
Home sales in the price range of $150,000 to $499,999 are up 10% on a year-over-year basis. Demand is especially strong for homes priced below $300,000.
A shortage of homes priced below $149,999 is lowering sales volumes in this price range. Homes priced from $100,000 to $149,999 had a sales decline of 11.8% during February. Homes priced below $100,000 posted a 2.8% decline in sales.
While Houston home prices made modest gains, the upward trend was enough to establish a new February home price record. Median home prices increased 1.4% to $226,200.
Houston’s home inventory dropped during February, with single-family homes standing at 3.2 months of supply, down from 3.4 months in January. If new listings do not keep pace with home demand during March, Houston home buyers could be looking at a highly competitive spring market! Be sure to contact the KW Energy Corridor team for the newest listings!
If you are a Houston homeowner who is thinking of selling, this could be your best opportunity of the year! We have well-qualified, serious home buyers who are looking for homes in virtually all price ranges. Your Houston home could be worth more than you’d expect! Our free home value analysis and pre-sale consultation will help you maximize your market position.