The March Housing Market Update from the Houston Association of Realtors, released April 8, shows signs of stability and growth in the Houston housing market. Factors behind this stability include slowly falling house prices and sales gains in single-family homes and townhomes/condominiums.
The conditions
According to HAR, single-family home sales rose by 3.7%, with 7,644 homes sold in March compared to the 7,369 sold last March. Home prices fell slightly as well by 1.5%, leveling to a median price of $333,000. Houses saw a slight increase in days on the market, rising to 67 days compared to 62 days last year.
Total property sales across the Houston area grew by 3.6%, with 9,001 properties sold, and the number of active property listings rose by 8.8%, equaling 55,611.
What the experts say
HAR Chief Economist Ted C. Jones said the current state of the global economy has led to some instability in interest rates; however, the market has stabilized in comparison to last year.
“Although mortgage rates have advanced slightly as inflation concerns grow, affordability in March improved compared to a year ago as the typical principal and interest payment on the median-priced home (assuming 20 percent down) was almost $106 less,” Jones said in the report. “On a year-over-year basis, affordability has now improved in 17 of the past 20 months, which is great news for homebuyers.”
More details
The total dollar volume for the Houston market rose to over $3.6 billion this March, up by 1.9% compared to last March, per the report. Single-family home inventory increased as well, rising to a 4.7-month supply compared to 4.5 months last March. The townhome and condominium market saw gains for the first time in March as well, as sales increased by 1.8% with 402 units sold compared to 395 the year before.
