Houston Real Estate Market Report February 2018
According to the latest monthly report from the Houston Association of Realtors (HAR), February experienced a second positive month of the new year. Single-family homes sales increased by 5.3 percent year over year with 5,260 units sold, with home sales between $500,000 and $750,000 receiving the strongest sales activity. While most of Houston’s housing market was positive, the total number of active listings declined 2.2 percent indicating that growth is needed for a healthy supply of homes this spring.
Houston Real Estate Highlights in February
- Single-family home sales rose 5.3 percent year-over-year, with 5,260 units sold
- Days on Market (DOM) for single-family homes decreased slightly from 67 days in February 2017 to 65 days this February
- Total property sales increased 3.1 percent with 6,375 units sold
- Total dollar volume climbed 4.5 percent to $1.7 billion;
- The single-family home median price rose 1.4 percent to $226,200, which represents a February high
- The single-family home average price edged up 0.4 percent to a February high of $281,945
- Single-family homes months of inventory shrank year-over-year from a 3.4-months supply to 3.2 months
- Town home/condominium sales fell 5.1 percent, with the average price up 2.0 percent to $210,887 and the median price up 4.6 percent to $170,000
- Leases of single-family homes fell 11.5 percent with the average rent up 4.1 percent to $1,720
- Volume of town home/condominium leases dropped 11.5 percent with average rent up 2.2 percent to $1,515
