The Houston housing market experienced an uptick in home sales last month, according to the February 2024 Market Update from the Houston Association of REALTORS® (HAR).
Single-family home sales rose by 7.6% annually, with 6,221 units sold compared to 5,781 in February 2023. That marks the third increase in the past year. Meanwhile, the Houston housing supply rose from 2.5 months to 3.4 months. Days on market decreased from 64 days to 57 days.
Luxury homes performed the strongest — sales rose 48% for homes priced over $1 million, which represent just 3.5% of all homes on the market. Homes priced between $500,000 and $1 million rose 18.3% year over year. The only housing segment with year-over-year declines last month was that of homes priced between $150,000 and $250,000.
“With pent-up demand, consumers appear to finally be pushing aside interest rate concerns and returning to the market, which bodes well for the spring homebuying season,” HAR Chair Thomas Mouton said in the report. “The increase in home sales, slight appreciation in home prices and expanding inventory creates opportunities for both buyers and sellers in the marketplace.”
The average single-family home price jumped 4.1% to $400,252, while the median rose 3% to $329,686. A year ago, the average was $384,330 while the median was $320,000.
Prices also rose for existing single-family home sales: the average rose 6.1% to $405,334, and the median rose 6.7% to $327,000.