Houston Real Estate Market Report May 2017
May 2017 marked another month of strong real estate activity and growing inventory for the great Houston area as indicated by the latest monthly MLS report released by the Houston Association of Realtors. The sales and rental market continues to outpace last year’s record numbers.
The report showed an 11.5% increase in single family home sales, for a total of 8,156 single-family homes versus 7,315 a year earlier. Year-over-year, there was a 7.4% rise over 2016s in home sale volume. The single-family home median price rose 4.4% to $235,000, making it the highest median price of all time. The average price rose to $302,362, a 4.3% increase, making it the second highest average ever. May sales of all property types in Houston jumped 12.3% to 9,744 compared to May 2016. Total active listings also leaped 16.4% year-over-year to 41,257.
Townhome and condominium sales soared this May 16.5% with a total of 728 units sold. The average price was $206,363, a 3.1% increase from last May, while the median sales price only showed slight gains.
May also showed a surge in the lease market as well for both single-family and townhome/condos. There was a resounding 31.0% increase in single-family home leases and a 46.2% in townhome/condominium leases. The average rent for single-family homes was $1,779, a decline of 4.2%, while the average rent for townhomes/condominiums $1,565, a 6.7% reduction.