HOUSTON – (Realty News Report) – Houston had its best year ever for home sales in 2018, as strong job growth rocketed Houston housing to a new high.
The Houston Association of Realtors reported 82,177 single-family home sales in 2018. It was the first time annual sales ever cracked the 80,000-sales barrier.
Last year’s sales performance represented a 3.7 percent over the sales total for 2017.
The increase in sales developed even though mortgage rates edged upward. The nation’s average 30-year, fixed-rate was 4.51 percent, up from 3.95 percent from this time last year, according to Freddie Mac. Home sales were slightly softer at the end of the year, a decline which may have been related to rising mortgage interest rates. However, the Federal Reserve has recently indicated that it could take a more dovish stance in 2019.
Inventory remains low at 3.5-months supply, HAR reported. Houston remains a sellers market. A six-months supply is considered a balanced market. Currently, the national inventory has a 3.9-months supply of homes for sale, according to the National Association of Realtors.
On a year-to-date basis, the average Houston home price rose 2.6 percent to $298,982 while the median price increased 3.3 percent to $237,500, HAR reported.