It was a very healthy month for real estate sales in Houston! May single-family real estate experienced a 10% increase in number of home sales with 7,343 units recorded. The double-digit increase gave May year-to-date sales a lift from 2% in April to 4%. The chart below displays further evidence of an overall health in real estate and it is certainly a great start to the summer home selling season!
Here’s a peek at the most important stats for May and YTD:
Houston Home Sales by Price Class for 2016
Currently, homes in the Houston MLS priced below $400,000 are in a sellers’ market with a months of inventory 5.4 or less. Homes priced $400,000 and above are in a buyers’ market with an inventory of 6.9 months or higher.
What price ranges had the most amount of increased sales in Houston in April? The following price classes experienced the largest increase in sales over 2015 in April:
Months of Inventory
|$200,000 – $249,999 –up 22%||
|$250,000 – $299,999 – up 13%||
|$150,000 – $199,999 – up 11%||
|$300,000 – $399,999 – up 8%||
|$400,000 – $499,999 – up 2%||
Houston has returned to its’ normal market demand by price of $150,000-$399,999 and most likely these price ranges will remain the most in demand throughout 2016.
The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries. Some areas are exceeding Houston’s overall growth in sales while others are lagging behind. For a breakdown of activity by area with a map, CLICK HERE.
To see the hottest selling geographical areas for the month in Houston, CLICK HERE.
To search for homes by price range and map, CLICK HERE.
*Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene