HOUSTON – (Realty News Report) – There’s never been a better April for Houston Realtors.
According to the latest monthly report from the Houston Association of Realtors 7,070 single-family homes sold in April, up 7 percent from the 6,611 homes sold in April 2017.
Last month was the best April on record for Houston and it indicates the spring selling season is going to be robust. Pending home sales are up more than 15 percent, indicating Spring 2018 will be exceptionally strong.
Houston home prices reached the highest levels of all time. The single-family home median price (the point at which half of the homes sold for more and half sold for less) increased 5.3 percent to $240,000 and the average price climbed 5.2 percent to $305,092.
“April proved to be a strong month for the Houston housing market on both the purchase and rental sides, and mind you that is compared to a record year in 2017,” said HAR Chair Kenya Burrell-VanWormer with JPMorgan Chase. “As long as inventory levels can keep up with the increased buyer demand, we would expect sales volume to remain strong in the months ahead”
The inventory of homes for sale remains low – a 3.2-months supply. The tight supply continues to push home prices upward and affordability is a growing challenge across the nation.
Rising mortgage rates also reduce affordability. The Federal Reserve continues a relentless effort to raise interest rates and mortgages are expected to reach 5 percent this year.