HOUSTON – May was a record-setting month for single-family home sales in Houston as 8,156 houses were sold – the highest monthly sales total in the history of Houston real estate, according to the Houston Association of Realtors.
The May sales total represented an 11.5 percent increase over May of 2016, HAR reported.
“The Houston housing market had another strong showing in May with sales and rental properties alike, and inventory continues to accommodate the growing demand,” said HAR Chair Cindy Hamann with Heritage Texas Properties. “If we can maintain this pace, there’s no doubt that 2017 will be a record year for Houston real estate.”
The May sales of 8,156 homes surpassed the previous monthly record sales total of 7,927 sales of August 2016.
Positive job growth, low mortgage rtes and stabilization of the energy markets have combined to create ideal conditions for home sales in Houston.
Inventory remains low, below the 6-months supply that indicates a balanced market. Inventory increased to 4.1-months supply in May.
New listings in high-demand areas of Houston often receive multiple offers when home hits the market.
Prices have been rising. The single-family home median price (the figure at which half of the homes sold for more and half sold for less) climbed 4.4 percent to $235,000. That marks the highest median price of all time, HAR reports.
The sales surge shows no sign of slowing down. The number of pending sales at the of May was up 18 percent over May of 2016.
June 14, 2017 Realty News Report Copyright 2017