According to the latest monthly report from the Houston Association of Realtors (HAR), the real estate market kicked off 2018 with mostly positive gains with sales up year over year for January. Sales of single-family homes rose 8.9 percent, while the median price (the figure at which half of the homes sold for more and half sold for less) rose 3.8 percent to $218,000 – the highest median ever for a January. Housing inventory remained unchanged with a 3.3 months supply from the previous year.
However, January marked the third consecutive month of declining sales among luxury homes priced at $750,000 and above. The strongest sales performance took place among homes in the $250,000 to $500,000 range.
The average rent for single-family homes was up 1.4 percent to $1,748 while the average rent for town homes and condominiums also rose 1.3 percent to $1,516.
Houston Real Estate Highlights in January
- Single-family home sales rose 8.9 percent year-over-year, with 4,469 units sold
- Days on Market (DOM) for single-family homes increased slightly from 65 days in January 2017 to 67 days this January
- Total property sales increased 8.7 percent with 5,468 units sold
- Total dollar volume climbed 6.3 percent to $1.4 billion
- The single-family home median price rose 3.8 percent to $218,000, which represents a January high
- The single-family home average price declined 2.1 percent to $270,303
- Single-family homes months of inventory was unchanged year-over-year at a 3.3-months supply
- Townhome/condominium sales fell 1.3 percent, with the average price up 2.1 percent to $192,918 and the median price up 13.6 percent to $159,000
- Leases of single-family homes rose 1.9 percent with the average rent up 1.4 percent to $1,748
- Volume of town home/condominium leases fell 5.3 percent with average rent up 1.3 percent to $1,516