Houston Real Estate Market Report April 2019

The Houston Association of Realtors just released the MLS report for April 2019. The Houston market showed the biggest increase of 2019 in single-family home sales as a result of lower mortgage interest rates, improving oil prices, unwavering economic growth and a larger supply of housing. Housing inventory also showed improvements, reaching its highest level since September 2018.

According to the report, sales of single-family homes increased 7.8% to 7,586 homes sold compared to 7,035 in April 2018. This is the 3rd straight month of positive sales and the largest volume gain of of the year. Compared to 2018, home sales are 2.2 percent ahead of last year’s record pace. Median single family home prices increased 2.1% to $245,000 and the average price increased 1.9% to $310,676. April sales of all property types increased 7.8% to 9,063. Total dollar volume for the month increased 9.6% to just under $2.7 billion.  Single-family home pending sales increased 17.8% to 9,467 pending sales. Total active listings increased 13.8% to 42,086 active listings. Single-family homes inventory increased 0.5 months to a 4.0-months supply. Finally, Days on Market increased from 56 to 57 days.

Lease Update

The demand continues for single-family rentals, with an increase of 12.7% compared to the year prior. However, townhome/condominium rentals decreased 4.4%. The average rent for a single-family home increased less than 1% to $1,795. Likewise, the average rent for townhomes and condominiums also increased less than 1% to $1,586.

Townhouse/Condominium Update

Townhouse and condominium sales remained steady in April with 595 townhomes and condos sold, bringing an end to the 7 consecutive month decline. The average price decreased 8.4% to $203,751 and the median price decreased 9.0% to $163,000. Inventory grew 0.6 months to a 4.5 months supply.