Sunday , 21 October 2018
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Houston Home Sales Hit a Six-Year High; Prices at All-Time Record High

By Ralph Bivins

April was the best month for home sales in Houston in almost six years as home buyers snatched up new listings at a pre-recession pace.

The Houston Association of Realtors reported 6,482 single-family homes were sold in April, the highest monthly sales total since August 2007 — a 27 percent gain over April of last year.

With inventory exceptionally tight, Houston home prices hit all-time record highs in April, according the Houston Association of Realtors.

The April surge continues an impressive 23-month real estate winning streak generated by low mortgage rates – with interest rates less than 4 percent – combined with the city’s strong economy – more than 111,000 new jobs were created in Houston over the last 12 months.

“The market is on fire in all prices ranges in many areas, particularly in the $2 million and down price range,” said Amy Bernstein, owner of Houston’s Bernstein Realty. She said many sellers are receiving multiple offers and new listings are going under contract within hours of being listed for sale.

With inventory exceptionally tight, Houston home prices hit all-time record highs in April, according the Houston Association of Realtors.

The April surge continues an impressive 23-month real estate winning streak generated by low mortgage rates – with interest rates less than 4 percent – combined with the city’s strong economy – more than 111,000 new jobs were created in Houston over the last 12 months.

The median price of a single-family home – the price at which half the homes sold for more and half for less – rose more than 14 percent to $184,900. The average price jumped 14 percent from last April to $253,907. Both represent record high prices for Houston

Many homes, even houses that are priced a little too high, will be shown to would-be buyers several times on the very day they are put on the market, Bernstein says. And many sellers receive multiple offers within two days of putting their house up for sale.

The inventory of homes for sale is very low. There’s only a 3.4-month supply of homes for sale, the leanest inventory since 1999. Some people are delaying putting their homes up for sale because they know prices are going up. Meanwhile, a lot of people are moving to Houston for new jobs and the city is leading the nation in job growth.

“The Houston housing market shows absolutely no sign of letting up,” says HAR Chairman Danny Frank with Prudential Anderson Properties.

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