Home sales stabilized and leasing soared in Houston’s February 2019 housing market, HAR’s monthly report indicates.Getty
Even a statistically flat housing market has its nuance and movement.
Houston Association of Realtor’s February report, released today, suggests the market has enough activity to be “emerging from the winter doldrums.” Single-family home sales priced between $150,000 and $750,000 rose and available inventory grew as the spring buying season begins.
Among the monthly report findings:
- Single-family home sales of 5,280 units were basically unchanged from a year ago but indicate the three-month slide in sales has ended.
- By housing segment, the middle market — homes priced $500,000 to $750,000 — increased 7.5 percent compared to the same period a year ago. Homes priced less than $100,000 fell by 21 percent and those $100,000 to $150,000 dropped 16 percent. High-end housing over $750,000 fell 8 percent.
- Total dollar volume rose 3.1 percent to $1.76 billion and the median home price rose increased nearly 3 percent, to $232,900.
- Inventory has a 3.7 month supply, up from 3.1 months a year ago and slightly below the national average of 3.9 months.
- Leased properties performed very well, with single-family home rentals up 26.5 percent and the average rent up 0.8 percent to $1,733.
- Townhome and condo leasing also surged, by 27 percent, with the average rent up 1.9 percent to $1,548.
With respect to rental properties, HAR Chair Shannon Cobb Evans observed the stats suggest that “many consumers are opting to rent until they find the right home at the right price at the right interest rate to buy.”