There was a dramatic slowing of the Houston Real Estate Market in January 2019 according to the latest MLS report released by the Houston Association of Realtors®. While sales volume fell across the board, rental activity remained strong and inventory levels continued expanding. Experts are hopeful that as inventory levels continue to grow, more buyers will return to the market.
In January 2019, there was an 8.1% decrease in single family homes sold, with 4,100 single-family homes sold compared to 4,462 a year earlier. The single-family home median price increased 1.4% to $222,000 and the average price increased 2.4% to $277,483, both record highs for a January. Sales of all property types decreased 8.4% to 5,011 properties sold. Total dollar volume decreased 4.4% to slightly more than $1.3 billion. Days on Market decreased slightly from 68 to 65 days. Inventory increased from 3.2 months to a 3.7-months supply.
Lease Property Update
January single-family home rentals jumped 16.5%. Similarly, townhome and condominium rentals jumped 16.4%. The average rent for single-family homes increased 0.4% to $1,755 and the average rent for townhomes and condominiums dropped 0.8% to $1,504.
Townhome and condominium sales dropped 10.5% with 324 units sold compared to 362 the year before. The average price decreased 2.3% to $188,268 and the median price decreased 2.8% to $154,250. Inventory grew from a 3.4-months supply to 4.1 months.