Single-family home sales and prices rose in March, while the housing inventory also grew, according to the latest report from the Houston Association of REALTORS®.
Single-family home sales are up 11.7 percent to 7,013 compared to March 2016, and the median single-family home price increased 5.8 percent to $227,530. This is the third consecutive month of gains in 2017 and the highest median price ever for a March report, according to HAR. The average single-family home price also rose to new March highs to $284,279.
Homes in the $250,000-to-$499,999 range saw the greatest increase at 23.1 percent followed by the luxury market of $750,000-and-above at 19.0 percent. This is the fifth consecutive month of sales gains for homes in the luxury market.
Inventory levels grew from a 3.5-month supply in March 2016 to a 3.8-month supply in March 2017, which is on par with the rest of the United States, according to the National Association of Realtors. Days on market saw a slight rise to 60 days versus 58 in March 2016.
Month-end pending sales for single-family homes increased 16.7 percent while total active listings jumped 9.9 percent compared to March 2016. According to a recent report from Fannie Mae, consumers recognize rising home prices as an indication that it is a good time to sell their homes.
“A healthy pace of new listings helped inventory levels grow, which is critical if we are to maintain the positive momentum,” said HAR Chair Cindy Hamann with Heritage Texas Properties.
| Mar-16 | Mar-17 | % Change | |
| Total property sales | 7,688 | 8,495 | 10.50% |
| Total dollar volume | $1,970,078,537 | $2,278,567,977 | 15.70% |
| Total active listings | 34,512 | 37,926 | 9.90% |
| Single-family home sales | 6,278 | 7,013 | 11.70% |
| Single-family average sales price | $271,781 | $284,279 | 4.60% |
| Single-family median sales price | $215,000 | $227,530 | 5.80% |
| Single-family months inventory* | 3.5 | 3.8 | 0.3 mos. |
| Single-family pending sales | 7,124 | 8,311 | 16.70% |
Townhomes, condos, leases also up
Townhomes and condominium sales were also up 7.4 percent with 652 units sold in March 2017 compared to 607 in March 2016. The average price rose 3.4 percent to $200,556 while the median price stayed flat at $154,250. Inventory also grew from a 3.5-month supply to a 4.0-month supply. The lease market also increased with demand for both single-family and townhome and condominium properties. Leases for single-family homes increased 36.6 percent and townhome/condominium leases increased by 37.8 percent.