Houston Housing Market Report – March 2016

Houston Association of REALTORS (HAR) reports that the Houston real estate market demonstrated resilience despite the strains in the energy industry. The market is normalizing after a record breaking sellers market in 2014. Here are the highlights from March 2016:

1. New listings increased inventory giving buyers a good supply of homes to choose from. Inventory increased to a 3.6 months supply. The national inventory average is at 4.4 months
2. 34,504 homes were available for sale at the end of March. It is an excellent time to buy with the increasing supply of homes. Call us today at 281-948-1333 to start your home buying process.
3. March single-family home sales declined 2.2% compared to March 2015. However, year-to-date sales are up 1% compared to 2015
4. 7,375 houses changed hands in March. Buyers are actively looking. Curious to know how much your home is worth? Find out for free by clicking here
5. Sales of houses priced between $150,000 – $250,000 recorded an increase of 8.1%
6. Energy industry layoffs were offset by job creation in other sectors
7. Houston added over 736,000 residents since April 2010
8. Single-family home leases increase 9% with rents going up by 0.6%. The time is excellent for investors looking to buy rental properties. Please call us at 281-948-1333 or email us at Jacob@JJRealEstateMatters.com for a free real estate investing consultation

The months of inventory denotes how long it will take to sell all current home listings if no new listing became available.

“Positive home sales in the $150,000 to $250,000 price range and increasing housing inventory suggest that we are in a more sustainable market.” – HAR Chairman

The positive sales in the mid-range market is an encouraging sign and so is the increase in the supply of available homes. There are challenges in the higher end market. Overall, the March housing numbers tell us that the Houston housing market is stable despite ongoing energy jitters.