HOUSTON — (Realty News Report) — Houston home sales were up 2.8 percent in the first quarter of 2018, compared to a year earlier, according to the Houston Association of Realtors.
The year’s fast start it impressive because it represents a gain over the record sales recorded 2017, the best year ever for home sales in Houston.
Home sales in March totaled 6,810 single-family homes, which is 172 fewer than the 6,982 homes sold in March of last year, according to the Houston Association of Realtors.
“We were a bit surprised that sales slowed during the lead-up to the traditional spring buying season, but are pleased to see that inventory levels have improved,” said HAR Chair Kenya Burrell-VanWormer with JP Morgan Chase. “It’s possible that consumers are hesitant to buy in light of recent stock market volatility and the looming trade war with China and how that might affect their personal finances.”
It was the first sales slowdown since Hurricane Harvey hit Texas last August.
Home prices reached the highest levels ever for a March. The single-family home median price (the figure at which half of the homes sold for more and half sold for less) increased 2.4 percent to $233,500 and the average price climbed 3 percent to $292,756.