Single-family home sales across the Houston area were up 7.8% in April, the third straight monthly increase and the biggest gain so far this year, according to a monthly report from the Houston Association of Realtors.
The association attributed the jump to lower mortgage rates, improving oil prices, steady economic growth and a greater supply of housing.
Indeed, inventory inched up to a four-month supply, compared with 3.5 months in April 2018 and the highest figure in seven months. The number of available properties for sale jumped 13.8% to 42,086.
Homes that sold for at least $750,000 saw the biggest sales increase over last year, followed by sales in the $150,000 to $250,000 range, according to the report, which tracks sales handled through the Multiple Listing Service across Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties.
Overall, buyers closed on 7,586 single-family homes last month, up from 7,035 a year earlier. The median sales price in April was $245,000, up 2.1%.
Year-to-date, sales are ahead 2.2% over last year’s record pace.
“Consumers have been taking advantage of optimal conditions for home buying, with low interest rates and a growing supply of properties, and that has powered Houston to a strong springtime performance,” Shannon Cobb Evans, the association’s chair, said in a statement. “The rental market also remains healthy, and we’re relieved to see sales finally turning around among townhomes and condominiums.”
Townhouse and condo sales were flat in April after a seven-month run of year-over-year declines. A total of 595 townhouses and condominiums sold last month, but the median price fell 9% to $163,000. Inventory grew to a 4.5-month supply, up from a 3.9 months.
Tribune Content Agency