According to the latest MLS Report released by the Houston Association of REALTORS® (HAR), the home sales experienced the first slowdown since Hurricane Harvey last August, with a 2.5-percent decline. The rental and lease market also saw a decrease for both single-family homes and townhomes/condominiums. However, inventory of homes for sale reached the most its highest level in four months.
The report also noted that the best-performing segment of the market consisted of homes priced in the $500,000 to $749,999 range, which rose 7.0 percent. Home prices also reached the highest levels ever for a March, with the median price increasing 2.4% year-over-year to $233,500.
Houston Real Estate March 2018
- Single-family home sales fell 2.5 percent year-over-year, with 6,810 units sold
- Days on Market (DOM) for single-family homes increased slightly from 61 days in March 2017 to 63 days this March
- Total property sales declined 2.3 percent with 8,274 units sold
- Total dollar volume edged up 0.7 percent to $2.3 billion
- The single-family home median price rose 2.4 percent to $233,500, which represents a March high
- The single-family home average price climbed 3.0 percent to a March high of $292,756
- Single-family homes months of inventory shrank year-over-year from a 3.6-months supply to 3.4 months, the highest level of this year and the same as the national inventory level
- Townhome/condominium sales fell 5.4 percent, with the average price up 3.3 percent to $211,944 and the median price up 9.6 percent to $172,250
- Leases of single-family homes fell 9.0 percent with the average rent up 6.0 percent to $1,748
- Volume of townhome/condominium leases dropped 13.1 percent with average rent up 0.7 percent to $1,496