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.
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.