DataIndustry News

Houston real estate basks in a warm May

Houston inventory and sales both increased annually
  • Total property sales in Houston reached 8,703 in May.
  • Median and average home price changed little year-over-year.
  • Inventory of single-family homes and condos grew to 3.6 months and 3.4 months supply, respectively.

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Riding the success of growth through the first quarter of 2016, the Houston real estate market has continued to thrive thanks to a steady increase in available homes. According to a Houston Association of Realtors report, a total of 7,343 single-family homes sold in the month of May, an increase of about 10 percent year-over-year. The report showed that the majority of homes sold were priced in the mid-range of $150,000 to $500,000, with average and median home prices showing very little change since May 2015. Total home sales increased 3.6 percent year-to-date. Houston totals in May The total number of active listings in Houston at the end of May was 35,416, a 17.4 percent boost year-over-year. This has also helped bolster Houston's inventory from a three month supply to 3.6 months. HAR Chairman Mario Arriaga said the market conditions are more normal this year as compared to 2015 because of a rise in inventory. “A year ago, the supply of homes was historically low,...