In the May 2017 report from the Houston Association of Realtors, Houston’s real estate market is currently showing signs of growth across all indicators.
Home sales are up 7.4 percent on a year-to-date basis compared to 2016, and a total of 8,156 single-family homes sold in Houston in May. This 11.5 percent increase from 2016’s sales figure of 7,315 shows the strength of the market and the increase in available inventory. Inventory was at a 3.6-month supply in May 2016, and sat at 4.1 months in May 2017. This is nearly the highest supply in five years thanks to the growing new construction market in the city. From May 2016 to May 2017, month-end pending sales and total active listings grew significantly, 18.2 percent and 16.4 percent, respectively.
“The Houston housing market had another strong showing in May with sales and rental properties alike, and inventory continues to accommodate the growing demand,” said HAR Chair Cindy Hamann. “If we can maintain this pace, there’s no doubt that 2017 will be a record year for Houston real estate.”
The median price for a single-family home also climbed 4.4 percent to $235,000, which is the highest median price for a single family home in Houston of all time. The average price rose 4.3 percent to $302,362– the second highest average ever. The strongest sales gains took place in the luxury market with 27.6 percent gains, the seventh-straight month of homes, and homes in the $150,000 to $249,999 range with 13.7 percent gains.
Sales on townhomes and condominiums grew 16.5 percent in May with 728 units sold. The average price increased to $206,363– a 3.1 percent increase from last year, but the median price only grew 0.9 percent to $163,500. Townhome and condominium inventory also grew significantly in May from a 3.4 month supply to a 4.2 month supply.
Here are the specifics: