Houston Real Estate Market Report March 2019
Declining interest rates have pushed stagnant buyers into action this past March according to the recent MLS Report released by the Houston Association of Realtors®. Single-family home sales increased almost 5% compared to the previous March with the highest sales activity for homes priced between $250,000 and $500,000. The rental market continues to be strong in the Greater Houston area and housing inventory has continued to grow, making way for a fertile spring selling season.
In March 2019, single-family home sales increased 4.9%, with 7,072 homes sold versus 6,740 the previous year. Single-family home prices were at record highs for a March. The median price increased 2.1% to $240,000 and the average price increased 2.0% to $298,766. March sales of all property types increased 3.6% to 8,475 sales and total dollar volume for March 2019 increased 5.7% to $2.4 billion. Single-family home pending sales increased 14.6% to 8,740. Total active listings increased 17.5% to 41,127 listings. Single-family homes inventory grew 0.6 months to a 3.9-months supply in March 2019. Days on Market was unchanged at 64 days.
Lease Property Update
Lease properties continue to be in high demand and showed a dramatic increased in March compared to the year prior. Single-family home rentals leaped 18.4% and townhome and condominium rentals jumped 16.7%. The average rent for single-family homes remained steady at $1,746. Townhome and condominium average rent increased 2.0% to $1,530.
The townhome and condominium market continues to decline. This was the 7th straight month of declining sales: a 9.2% decrease, with 551 units sold compared to 607 in March 2018. The average price remained flat at $211,241. In contrast, the median price increased 2.8% to $174,750. Inventory grew 0.8 months to a 4.4 months supply.