HOUSTON – Single-family existing home sales in March were up about 4 percent over March of last year, according to the Houston Association of Realtors.
“It’s not slowing down any that’s for sure, and we’re certainly seeing a very positive movement in the upper-end,” says Cheri Fama, president of John Daugherty Realtors.
Across Houston, the inventory of home for sale in all price ranges is at an all-tie low. The supply of homes first reached 2.6 months of inventory in December 2013 and has held steady at that low point ever since. The national home inventory is much higher – a 5.2-month supply.
Sellers continue to receive multiple offers for homes for sale in many neighborhoods, building on the success of last year, which was the best year ever for Houston home sales.
The tight supply and high demand is driving up prices. The average price of a home sold in March was $261,329, up 11 percent from last March, the Houston Realtors reported.
Despite the continual trend for increases in home prices, Houston has a strong ranking in affordability. In a report released this week by ZIPRealty, a national online real estate company, Houston ranked No. 8 in an affordability index that blends home prices and the area’s average household income.
The 5,971 homes sold in March represented the highest monthly sales total for Houston since September. Houston home sales in the first quarter of 2014, were up 4 percent over the first three months of 2013.
“Houston home sales rose again in March, with most of the buying taking place at the higher end of the market,” says HAR Chair Chaille Ralph with Heritage Texas Properties. “We are happy that there hasn’t been any further decline in the local supply of homes and are hopeful that new construction and seasonal spring listings will help our inventory grow.”