Houston Real Estate Highlights in March
- Single-family home sales rose 4.9 percent year-over-year, with 7,072 units sold, marking the second consecutive month of positive sales;
- Days on Market (DOM) for single-family homes remained unchanged at 64;
- Total property sales increased 3.6 percent, with 8,475 units sold;
- Total dollar volume jumped 5.7 percent to $2.4 billion;
- The single-family home median price rose 2.1 percent to $240,000, achieving a March high;
- The single-family home average price was up 2.0 percent to a March high of $298,766;
- Single-family homes months of inventory was at a 3.9-months supply, up from 3.3 months last March and at its most plentiful level since October 2018. For comparison, the national inventory is at a 3.5-months supply, according to NAR;
- Townhome/condominium sales fell for a seventh straight month – down 9.2 percent, with the average price flat at $211,241 and the median price up 2.8 percent to $174,750;
- Lease properties staged another strong performance as single-family home rentals shot up 18.4 percent with the average rent unchanged at $1,746;
- Volume of townhome/condominium leases surged 16.7 percent with the average rent up 2.0 percent to $1,530.
Are we not heading towards a buyer’s market?