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.