HOUSTON – Following up on the strongest year ever for home sales in Houston, the winning streak continues in the new year with single-family sales rising in January 2017.
The Houston Association of Realtors reported 4,080 single-family homes were sold in January, up 1.7 percent from the 4,011 sold in January of 2016.
Last month was the second-best January in the history of Houston home sales.
“The Houston real estate market is off to an impressive start for 2017, with the end of the holidays and rising interest rates spurring many on-the-fence buyers to take action in January,” said HAR Chair Cindy Hamann with Heritage Texas Properties. “It is especially encouraging to see vitality in the high end of the market, which faltered in response to falling oil prices, but has now registered positive sales for three straight months.”
As far as single-family sales, the upper-end homes were the primary casualty of the decline in the energy industry. Sales of mansions and mini-mansions were slow, while other price bands surged.
In early 2017, the housing market is hot on all price levels.
Sales of homes price at $750,000 and up increased 14.3 percent in January, compared to January of 2017, HAR reported.
The single-family home median price (the midpoint at which half of the homes sold for more and half sold for less) rose 4.0 percent to $210,000. That marks the highest median price ever for a January. The average price jumped 5.3 percent to $275,696, which also represents a January high.
The inventory of homes for sale remains tight. Single-family homes inventory stood a 3.5-months supply. That’s a sellers market. A balanced market is a 6-months supply.
Worthy of note: About a year ago, oil prices dipped below $30 a barrel. currently the price is above $50 a barrel. Houston’s economy is diversified, but oil prices still hold sway over the Houston economy.
Feb. 9 2017 Realty News Report Copyright 2017