The Houston real estate market continues to display healthy equilibrium despite instability in the energy industry.
Overall single-family home sales volume was virtually flat in April, however mid-range homes scored another month of positive sales and the supply of homes available for sale grew some more.
The average price was down slightly while the median price rose to an all-time April high.
Single-family home sales declined a fractional 0.6 percent versus April 2015, with a total of 6,310 sales compared to 6,349 a year earlier, according to the latest monthly report prepared by the Houston Association of Realtors (HAR).
On a year-to-date basis, home sales are 1.6 percent ahead of last year’s pace. New listings helped inventory grow from a 2.9-months supply to 3.6 months.
“There is little to complain about in the April HAR sales report, especially when you take into account the fact that we are comparing current home sales to the Houston housing market’s record 2015 performance,” said HAR chairman Mario Arriaga with First Group. “Indicators continue to point to more sustainable market conditions, as mid-range homes sell well and consumers find that they have more homes from which to choose than they did at this time last year.”
Home prices delivered mixed readings in April. The single-family home average price declined 1.0 percent to $278,544.
The median price – the figure at which half of the homes sold for more and half sold for less – rose 3.3 percent to $217,000, the highest price ever for an April.
April sales of all property types in Houston totaled 7,583, down 2.0 percent from the same month last year.
Total dollar volume for properties sold in March declined 1.6 percent to $2.01 billion.
April monthly market comparison
Houston’s housing market figures were mixed in April compared to those from a year earlier, but continue to support what are considered more sustainable market conditions.
On a year-over-year basis, single-family homes sales, average price and total dollar volume were down slightly while inventory levels grew and the median sales price rose to an April record high.
Month-end pending sales for single-family homes totaled 8,213, an increase of 2.3 percent compared to last year.
Total active listings, or the total number of available properties, at the end of April climbed 16.7 percent from April 2015 to 34,402.
April’s increase in new listings gave single-family homes inventory a boost, with levels climbing from a 2.9-months supply to 3.6 months.
For perspective, housing inventory across the U.S. currently stands at a 4.5-months supply, according to the latest report from the National Association of Realtors (NAR).