Houston Real Estate Market Report February 2019
The Houston housing market showed some considerable warming in February 2019 according to the most recent MLS report released by the Houston Association of Realtors®. February sales showed an increase in homes priced between $150,000 and $750,000, whereas in January there were declining sales across the board. The rental market in Houston was also buzzing with number of rentals soaring and average rent up on both single-family and condo/townhomes. Inventory also continues to grow as we enter the spring selling season.
In February 2019, single-family home sales only increased 0.3 % from 5,265 sales a year earlier to 5,280 sales. This marked the end of three straight months of declines. The median single-family home price increased 2.9% to $232,900 and the average single-family home price increased 1.9% to $286,156, both record highs for a February. Pending sales increased 15.4% to 7,310 sales and total active listings increased 17.4% to 39,304 listings. Single-family homes inventory increased from 3.1-months to a 3.7-months supply in February and Days on Market increased slightly to 68 days.
Lease Property Update
February single-family home rentals leaped 26.5%. Townhome and condominium rentals soared 27.1%. The average rent for single-family homes increased 0.8% to $1,733 while the average rent for townhomes and condominiums increased 1.9% to $1,548.
Townhouse/Condominium Update
Townhome and condominium sales dropped for the sixth month in a row, decreasing 7.6% from the previous year, from 460 units sold to 425 units sold this February. The average price decreased 11.9% to $186,859. The median price decreased 11.8% to $150,000. Monthly inventory increased 0.7 months to a 4.2 month supply.
