Houston Real Estate Market Report – February 2020
The Houston Real Estate market continues to plow along with positive home sales for the 8th consecutive month according to the latest Houston Real Estate MLS press release. This momentum is due largely to some of the lowest interest rates we have seen.
Single-family homes priced between $250,000 and $500,000 showed the highest growth in home sales in February, followed by homes priced at or above $750,000. Single-family home sales increased 13.2% to 6,044 single-family homes sold compared to 5,339 a year earlier. The single-family home median price increased 5.2% to $245,000 and the average price increased 5.9% to $301,648, both record highs for February.
Sales of all property types increased 14.9% to 7,393 sales. Total dollar volume increased 19.4% to $2.1 billion. Single-family home pending sales increased 28% 8,547. Total active listings increased 3.8% to 40,091.
Single-family homes inventory decreased 0.1 months to a 3.5-months supply in February. Days on Market (DOM), or the number of days it took the average home to sell, remained steady at 68 days.
Housing officials do not expect the coronavirus outbreak to have a measurable impact on the Houston housing market at this time.
For the third straight month, sales of townhomes and condominiums were in positive territory, climbing 12.8 percent versus February 2019, with 477 units sold compared to 423 one year earlier. The average price jumped 14.5 percent to $216,170 while the median price rose 16.5 percent to $176,500. Inventory was unchanged at a 4.1-months supply.
Lease Property Update
February delivered a mixed performance for the lease property segment of the marketplace. Leases of single-family homes rose 5.8 percent year-over-year, however leases of townhomes and condominiums fell 2.2 percent. The average rent for single-family homes ticked up 1.8 percent to $1,768 while the average rent for townhomes and condominiums increased 3.5 percent to $1,607.