Market Update - May 2016

A month or so ago I surmised that if inventory levels continued to grow and demand remained the same, prices would, by definition, start to come down. Well, inventory levels indeed have increased, but demand has also grown, somewhat contradictorily (yes, this is a real word - spellcheck approved it anyway!!) against the continued oil and gas sector woes, absorbing any potential for an easing in prices. 

And this little pile of sticks is not likely to fall over just yet - pending sales are up a whopping 15.6% year on year! Demand seems to be insatiable, particularly in prices up to $500,000.

If you'd like a more focussed assessment of the market as it relates to you and your situation, I'd love to hear from you; I'm never too busy to make time for new clients. 

Houston Real Estate Highlights in May
Single-family home sales rose 10% compared to last May and on a year-to-date basis, single-family home sales are up 3.4%. Total property sales jumped 7.1% to 8,703 units and total dollar volume rose 7.3% to $2.4 billion.
Average and median prices were unchanged year on year but single-family homes months of inventory rose to 3.6 months supply versus 3.0 months a year earlier.
Townhome/condominium volumes of sales were unchanged with the average price down 2.6% to $198,411 and the median price up 7.6% to $163,000;
Leases of single-family homes were up 4.1% with rents unchanged at $1,866 but
leases of townhomes/condominiums soared 10.7% with rents unchanged at $1,666.