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Home Sales Sluggish in January

HOUSTON – (Realty News Report) – Houston’s home sales were sluggish in January, as is typical in the first month of the year.

 Houston Association of Realtors reported 4,100 single-family homes sold in January compared to 4,462 a year earlier. That represents an 8.1 percent decline – the third straight month of falling sales.

Consistently, January is the slowest month of the year for home sales, with single-family transactions typically around 4,000 for the month. When the market is peaking in the summer, single-family sales have been over 8,000 units per month.

The partial governmental shutdown was believed to be a drag on the market, the HAR said.

The single-family home median price (the figure at which half of the homes sold for more and half sold for less) edged up 1.4 percent to $222,000 and the average price rose 2.4 percent to $277,483. Those are the highest prices ever for a January.

Days on Market for single-family homes dropped from 68 to 65 days, HAR reported.

Single-family homes inventory recorded a 3.7-months supply in January, up from a 3.2-months supply a year earlier. For perspective, housing inventory across the U.S. also stands at a 3.7-months supply, according to the latest report from the National Association of Realtors.

Feb. 13, 2019 Realty News Report Copyright 2019

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