According to the latest monthly MLS report from the Houston Association of REALTORS® (HAR), April rebounded after a sluggish March with nearly a seven percent rise in home sales. It also marked the highest average and median prices of all time.
The market segment that performed the best consisted of homes priced between $500,000 and $749,999 which saw a 30 percent increase in sales. The luxury market, homes priced above $750,000, also experienced a rise in sales after being flat for the last couple of months.
The single-family home median price (the figure at which half of the homes sold for more and half sold for less) increased 5.3 percent to $240,000 and the average price climbed 5.2 percent to $305,092.
Houston Real Estate Highlights in April
- Single-family home sales jumped 6.9 percent year-over-year, with 7,070 units sold
- Days on Market (DOM) for single-family homes increased slightly from 55 to 56 days
- Total property sales rose 5.1 percent with 8,453 units sold
- Total dollar volume increased 10.5 percent to $2.4 billion
- The single-family home median price rose 5.3 percent to $240,000, which represents an all-time high
- The single-family home average price climbed 5.2 percent to a record high of $305,092
- Single-family homes months of inventory shrank year-over-year from a 3.8-months supply to 3.6 months, the highest level since last November and the same as the national inventory level
- Townhome/condominium sales increased 0.5 percent, with the average price up 5.9 percent to $220,704 and the median price up 2.8 percent to $176,730
- Leases of single-family homes rose 2.0 percent with the average rent up 3.6 percent to $1,778
- Volume of townhome/condominium leases jumped 8.6 percent with average rent up 1.1 percent to $1,576